The operating result of the Phoenix Group increases sharply
Phoenix Group Holdings PLC reported a significant increase in operating income for 2020 on Monday and said it is well positioned to capitalize on the industry’s top growth drivers.
Europe’s largest consolidator of life insurance and pensions posted an operating profit – a key figure for the industry – of £ 1.20 billion (US $ 1.66 billion) compared to £ 810 million last year.
Year-end assets under management increased from £ 248 billion at the end of 2019 to £ 338 billion.
The equity ratio of the company, which is listed on FTSE 100, was 164%.
The Board of Directors declared a final dividend of 24.1p per share, which translates into a dividend of 47.5p per share for the full year compared to 46.8p for 2019.
“Meeting our open growth targets will make the group’s organic cash generation more sustainable over the long term and have the potential to support future dividend growth,” said the Phoenix Group.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix