Financial Highlights
Successful debt re-terming and equity raising of £250 million announced in January 2013, reducing debt by £450m and extending repayment terms to 2019
Operating companies' cash generation at £690 million (2011: £810 million), at the upper end of the £600 - £700 million target range
£1,066 million of cash at Holding Companies at 31 December 2012 (2011: £837 million)
27% increase in recommended final dividend to 26.7p per share (2011: 21p)
Gearing reduced from 57% at 31 December 2011 to 48% on a pro forma basis at 31 December 2012
Resilient Market Consistent Embedded Value ('MCEV') of £2,122 million (2011: £2,118 million)
£332 million of incremental MCEV already delivered, towards cumulative target of £400 million between 2011 - 2014
Strong Group IFRS operating profit of £410 million (2011: £387 million), including:
£399 million of Phoenix Life operating profit (2011: £395 million)
£43 million of Ignis operating profit (2011: £46 million)
Group assets under management of £68.6 billion (2011: £72.1 billion), excluding additional £1.6 billion of assets expected to transition back to Ignis during 2013 under the investment management mandate agreed with Guardian Assurance
PLHL ICA surplus increased to £1.0 billion (30 June 2012: £0.4 billion)
Robust IGD surplus of £1.4 billion (2011: £1.3 billion)
Phoenix Life Free surplus of £514 million at 31 December 2012 (2011: £93 million)
