Phoenix Group holdings announce an interim dividend of 24.1p per share declared

DividendMax Ltd.

Phoenix Group holdings announce an interim dividend of 24.1p per share declared

The declared interim dividend of 24.1p per share is expected to be paid on 3 September 2021.

The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of 19 August 2021. The record date for eligibility for payment will be 20 August 2021.

Other financial highlights include:

Delivering cash

Strong cash generation of £872m in H1 2021 (H1 2020: £433m) has more than doubled reflecting the scale of the enlarged Group; on track to deliver at top end of £1.5bn-to-£1.6bn target range for FY 2021.

Delivering resilience

Resilient balance sheet reflected in a Solvency II surplus of £5.1bn as at 30 June 2021 (31 December 2020: £5.3bn) following a £0.2bn debt repayment in March 2021.

Shareholder Capital Coverage Ratio of 166% as at 30 June 2021, comfortably within the Group's target range of 140%-to-180% (31 December 2020: 164%).

Leverage ratio of 28% as at 30 June 2021 is within target range of 25%-to-30% (31 December 2020: 28%).

Delivering growth

£412m of new business long-term cash generation comprises £206m completed in H1 2021 and a further £206m subsequently completed in July 2021 through an additional c.£1bn buy-in tranche of the Pearl Pension Scheme (H1 2020: £358m).

Capital strain on all BPA new business reduced to 6% (FY 2020: 8% external deals and 12% Pearl Pension Scheme) reflecting expected efficiencies from internal model harmonisation.

Other key financial metrics

Group operating profit of £527m in H1 2021 (H1 2020: £361m).

Assets under administration of £304bn as at 30 June 2021 (31 December 2020: £338bn) due to the planned disposals of the Wrap SIPP, Onshore Bond and TIP products to abrdn plc and of Ark Life.

Companies mentioned