Phoenix Group achieves long-term cash target two years early

This outperformance reflects the group’s “clear strategic focus” and “investment into growth”.

Phoenix Group CEO, Andy Briggs, said: “I am delighted that Phoenix Group has delivered another year of strong organic growth in 2023, with increased new business net fund flows supporting us in delivering £1.5bn of new business long-term cash.

“This means we have achieved our 2025 new business long-term cash target two years early, reflecting the focus and investment we have put into our growth strategy.”

The group's achievement was fueled by the group’s “strong” performance over the year, with new business net fund flows of approximately £7bn, an 80 per cent year-on-year increase.

This was underpinned by improved performance in the Standard Life branded Pension & Savings and Retirement Solutions businesses.

“Our capital-light fee-based Workplace business continues to go from strength to strength, nearly doubling its net fund flows year-on-year, including the transfer of one of the largest workplace schemes tendered in the UK market in recent years,” Briggs added.

Pensions and Savings

Within pensions and savings, the workplace business delivered net fund flows of around £4.5bn in 2023, nearly double of what was delivered in 2022. 

This growth was supported by around £2bn of new scheme assets which were transferred in the period, including the transfer of the Siemens workplace scheme.

Growth in the retirement solutions business was driven by its bulk annuity purchase business, which completed an additional 7 BPA transactions during the latter half of 2023, covering around £2.8bn of premiums. 

Briggs added: “Our BPA business also performed well in a buoyant market, with around £6bn of premiums contracted at a reduced capital strain of less than 5 per cent.”

tom.dunstan@ft.com

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