UK insurer Phoenix sets $1.8 bln 2025 new business cash target

LONDON, Dec 6 (Reuters) – British life insurer Phoenix (PHNX.L) set its first incremental new business long-term cash generation target at around 1.5 billion pounds ($1.83 billion) by 2025 on Tuesday, following strong performance for 2022.

Phoenix, which specializes in managing books of life insurance business which are closed to new customers, remains on track to deliver 2022 cash generation at the top end of its target range of 1.3-1.4 billion pounds, it said in a statement ahead of an investor day.

It expects to deliver around 1.2 billion of incremental new business long-term cash generation in 2022 through organic growth, mainly through its Standard Life brand, which also has products open to new customers.

“It is shaping up to be another outstanding year for Phoenix Group,” Chief Executive Andy Briggs said.

“Alongside optimizing our in-force business and M&A (mergers and acquisitions), our organic strategy is to deliver sustainable growth.”

Phoenix’s investor day will focus on Standard Life, it said.

Phoenix bought Standard Life Aberdeen’s European and UK insurance businesses in 2018 and last year bought the Standard Life brand.

Asset manager Standard Life Aberdeen has since renamed itself abrdn(ABDN.L).

($1 = 0.8214 pounds)

Reporting by Carolyn Cohn, editing by Kirstin Ridley

Our Standards: The Thomson Reuters Trust Principles.

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