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Phoenix Group Holdings PLC (PHNX)
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Re: Phoenix Group Holdings PLC (PHNX)
The divi is as expected and already flagged by PHNX. Taking past corporate actions into account it is an increase from FY 2018 to FY 2019.
As for future divis:
Announced as in the RNS relating to the acquisition of ReAssure on 6/12/19
Dividend and Dividend Policy
Supported by the additional long-term cash flows arising from the Acquisition, Phoenix expects to increase its current dividend per share by 3%, payable from the date of the final 2020 dividend. This will result in an increase in the annualised dividend per share from 46.8p to 48.2p. The Group intends to maintain its stable and sustainable dividend policy going forward.
So expect the divi to go up 3% in financial 2020 results.
Bagger
As for future divis:
Announced as in the RNS relating to the acquisition of ReAssure on 6/12/19
Dividend and Dividend Policy
Supported by the additional long-term cash flows arising from the Acquisition, Phoenix expects to increase its current dividend per share by 3%, payable from the date of the final 2020 dividend. This will result in an increase in the annualised dividend per share from 46.8p to 48.2p. The Group intends to maintain its stable and sustainable dividend policy going forward.
So expect the divi to go up 3% in financial 2020 results.
Bagger
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Re: Phoenix Group Holdings PLC (PHNX)
Bagger46 wrote:The divi is as expected and already flagged by PHNX. Taking past corporate actions into account it is an increase from FY 2018 to FY 2019.
As for future divis:
Announced as in the RNS relating to the acquisition of ReAssure on 6/12/19
Dividend and Dividend Policy
Supported by the additional long-term cash flows arising from the Acquisition, Phoenix expects to increase its current dividend per share by 3%, payable from the date of the final 2020 dividend. This will result in an increase in the annualised dividend per share from 46.8p to 48.2p. The Group intends to maintain its stable and sustainable dividend policy going forward.
So expect the divi to go up 3% in financial 2020 results.
Bagger
Yes but my reading of the announcement is that it is still a stingy 1.7% from 2018 to 2019, 46p to 46.8p, the 2018 dividend having been rebased. The future results and dividend increase (which I am aware was flagged in the acquisition announcement of Reassure) can take care of itself for now.
Dod
Re: Phoenix Group Holdings PLC (PHNX)
https://www.londonstockexchange.com/exc ... 32267.html
Not really surprised. But good to hear for holders.
Bagger
Not really surprised. But good to hear for holders.
Bagger
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Re: Phoenix Group Holdings PLC (PHNX)
Bagger46 wrote:https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PHNX/14532267.html
Not really surprised. But good to hear for holders.
Bagger
Excellent. AS a holder I am very happy with that. I cannot see it being voted down at the AGM.
Dod
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Re: Phoenix Group Holdings PLC (PHNX)
These seem good results but difficult to tell because of the corporate actions behind the scenes, in this case the acquisition of Reassure. The result is that the dividend is held at 23.4p because of the dilution of shareholders as a result of the shares issued for that acquisition. That sort of thing always rather annoys me. maybe we will see some real benefit in future years as they integrate Reassure, but there is an execution risk here especially with the change of CEO coming up.
Thanks again Ian.
Dod
Thanks again Ian.
Dod
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Re: Phoenix Group Holdings PLC (PHNX)
STATEMENT REGARDING PRESS SPECULATION
https://www.investegate.co.uk/phoenix-g ... 00032468G/
Phoenix Group Holdings Plc ("Phoenix") notes the recent press speculation regarding the potential sale of its European businesses ("Phoenix Europe").
Phoenix Europe is an established participant in the European life insurance market, with operations across Ireland, Germany and the UK offshore savings market, and offers strategic optionality to develop Phoenix's proven M&A consolidation and growth strategy internationally.
In light of recent expressions of interest from third parties for the European business, Phoenix confirms that it is assessing a range of strategic options to maximise value for shareholders.
At this point there can be no certainty that a transaction will be achieved. A further announcement will be made in due course if appropriate.
https://www.investegate.co.uk/phoenix-g ... 00032468G/
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Re: Phoenix Group Holdings PLC (PHNX)
Thanks Ian. They have been doing a lot of buying in recent years so let's see how they get on selling! It is a small part of their business.
Dod
Dod
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Re: Phoenix Group Holdings PLC (PHNX)
Dod101 wrote:Thanks Ian. They have been doing a lot of buying in recent years so let's see how they get on selling! It is a small part of their business.
Dod
You’re welcome Dod. I bought into this share mid last year and topped up this June. Very handy for diversification, and I have no intention of selling my holdings.
Ian.
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Re: Phoenix Group Holdings PLC (PHNX)
Trading Update Dec 2020
https://www.investegate.co.uk/phoenix-g ... 00053537H/
"Phoenix today announces a strong trading update with 2020 cash generation ahead of target. "
https://www.investegate.co.uk/phoenix-g ... 00053537H/
"Phoenix today announces a strong trading update with 2020 cash generation ahead of target. "
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Re: Phoenix Group Holdings PLC (PHNX)
monabri wrote:Trading Update Dec 2020
https://www.investegate.co.uk/phoenix-g ... 00053537H/
"Phoenix today announces a strong trading update with 2020 cash generation ahead of target. "
Look good. Thanks for posting this update.
I've held PHNX for only a couple of years now, buying twice initially, and topped up earlier this year.
Very happy to continue holding.
Ian.
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Re: Phoenix Group Holdings PLC (PHNX)
Phoenix Group and Standard Life Aberdeen simplify their Strategic Partnership to accelerate growth
https://www.investegate.co.uk/phoenix-g ... 00030164Q/
Following the acquisition of Standard Life Assurance Limited ("SLAL") from Standard Life Aberdeen plc ("SLA") in 2018 (the "Acquisition"), Phoenix Group ("Phoenix") and SLA entered into a strategic partnership ("Strategic Partnership") to advance the interests of both businesses. At the same time SLA became a leading shareholder in Phoenix and today has a strategic shareholding of circa 14%.
Phoenix and SLA are pleased to announce that they hav e entered into a new binding agreement which significantly simplifies the arrangements of their Strategic Partnership, enabling Phoenix to control its own distribution, marketing and brands, and focusing the Strategic Partnership on using SLA's asset management services in support of Phoenix's growth strategy.
Under the terms of the transaction, Phoenix will sell its SLAL UK investment and platform-related products, comprising Wrap Self Invested Personal Pension ("Wrap SIPP"), Onshore Bond and UK Trustee Investment Plan ("TIP") to SLA, and acquire ownership of the Standard Life brand. As a result, the Client Service and Proposition Agreement ("CSPA") entered into between the two groups in connection with the Acquisition will be dissolved.
At the same time, Phoenix is reinforcing its Strategic Partnership with SLA by re-committing to a 10-year strategic asset management partnership, with Phoenix harnessing Aberdeen Standard Investments' ("ASI") expertise across a breadth of portfolio management and investment strategy areas.
Ownership of the Standard Life brand is a key enabler for delivering Phoenix's Workplace and Customer Savings and Investments ("CS&I") growth strategies at pace. The relevant marketing, distribution and data team members will transfer from SLA to Phoenix ensuring that Phoenix has full discretion over marketing and communications. This will support the delivery of a more cohesive experience for customers, clients and their advisers. By investing in the Standard Life brand, Phoenix will accelerate the delivery of a broader set of product and service propositions and be better positioned to take advantage of opportunities arising through the shifting landscape of the long-term savings and retirement market. Phoenix will continue to partner with SLA to design and provide investment solutions for its customers.
Through this transaction, Phoenix will receive £115 million of cash consideration, ownership of the Standard Life brand, and Phoenix and SLA will resolve all legacy issues in relation to the Transitional Services Agreement entered into in connection with the Acquisition ("TSA") and the CSPA. The majority of the cash consideration is payable upon announcement of the transaction, while completion of the sale of the investment and platform-related products will be effected through a Part VII transfer targeted in late 2022.
https://www.investegate.co.uk/phoenix-g ... 00030164Q/
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Re: Phoenix Group Holdings PLC (PHNX)
Interesting. presumably SLA will now need to change its name and one way or another drop Standard Life in its name. I note that SLA says in its own announcement that they are undertaking a rebranding exercise.
Much better that Phoenix (where I have a holding) is able to stand back from SLA I think. They become merely a fund manager for Phoenix and remain a minority shareholder.
Dod
Much better that Phoenix (where I have a holding) is able to stand back from SLA I think. They become merely a fund manager for Phoenix and remain a minority shareholder.
Dod
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Re: Phoenix Group Holdings PLC (PHNX)
New name?.....er, how about Aberdeen Investment Management.....
The business of SL+ADM became SLA and then promptly sold out the SL bit!
(Or maybe they will drop the SL bit of SLA and become just "A" before disappearing up their own Ass.et Management? )
(ADM Aberdeen Asset Management).
The business of SL+ADM became SLA and then promptly sold out the SL bit!
(Or maybe they will drop the SL bit of SLA and become just "A" before disappearing up their own Ass.et Management? )
(ADM Aberdeen Asset Management).
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Phoenix Group Holdings
The results for 2020 seem not to have been reported today. As follows. Sorry that I am a complete incompetent. Someone may be able to provide a link.
'Delivering Cash
Record cash generation1 of £1.7bn in 2020 exceeds upper end of £1.5bn-to-£1.6bn target range (2019:
£707m).
£13.4bn2 of Group long-term free cash3 as at 31 December 2020 is available for Group operational costs,
interest, growth and shareholder returns (31 December 2019: £14.1bn4
).
Recommended final dividend of 24.1p per share reflects a 3% increase on the 2020 interim dividend (23.4p
per share) and equates to a 2020 full year dividend of 47.5p per share (2019: 46.8p per share).
Delivering Resilience
Resilient Solvency II balance sheet with a £0.9bn increase in surplus to £5.3bn5 as at 31 December 2020
reflecting only a £0.2bn adverse impact from economics in 2020 (31 December 2019: £4.4bn6
).
Shareholder Capital Coverage Ratio7 of 164% as at 31 December 2020, comfortably in the middle of the
Group’s target range of 140%-to-180% (31 December 2019: 152%6
).
Leverage ratio8 of 28% as at 31 December 2020 within 25%-to-30% target range (31 December 2019: 22%).
Delivering Growth
Record incremental Open new business long-term cash generation of £766m in 2020, a 59% year-on-year
increase (2019: £483m9
), and close to achieving the >£800m new business threshold that would fully offset
the in-force run-off.
Retirement Solutions (BPA) new business long-term cash generation increased 122% year-on-year to £522m
(2019: £235m) with the external deal capital strain reducing from 9% in 2019 to 8% in 2020.
Other key financial metrics
Group operating profit of £1,199m in 2020 inclusive of the ReAssure business (2019: £810m).
Assets under administration of £338bn as at 31 December 2020 (31 December 2019: £248'
They look good to me in every respect and they have even increased the full year dividend modestly. The reason it is not a bigger increase is I think the effect of issuing new shares for takeovers, just what I was discussing on the TRIG thread.
Dod
'Delivering Cash
Record cash generation1 of £1.7bn in 2020 exceeds upper end of £1.5bn-to-£1.6bn target range (2019:
£707m).
£13.4bn2 of Group long-term free cash3 as at 31 December 2020 is available for Group operational costs,
interest, growth and shareholder returns (31 December 2019: £14.1bn4
).
Recommended final dividend of 24.1p per share reflects a 3% increase on the 2020 interim dividend (23.4p
per share) and equates to a 2020 full year dividend of 47.5p per share (2019: 46.8p per share).
Delivering Resilience
Resilient Solvency II balance sheet with a £0.9bn increase in surplus to £5.3bn5 as at 31 December 2020
reflecting only a £0.2bn adverse impact from economics in 2020 (31 December 2019: £4.4bn6
).
Shareholder Capital Coverage Ratio7 of 164% as at 31 December 2020, comfortably in the middle of the
Group’s target range of 140%-to-180% (31 December 2019: 152%6
).
Leverage ratio8 of 28% as at 31 December 2020 within 25%-to-30% target range (31 December 2019: 22%).
Delivering Growth
Record incremental Open new business long-term cash generation of £766m in 2020, a 59% year-on-year
increase (2019: £483m9
), and close to achieving the >£800m new business threshold that would fully offset
the in-force run-off.
Retirement Solutions (BPA) new business long-term cash generation increased 122% year-on-year to £522m
(2019: £235m) with the external deal capital strain reducing from 9% in 2019 to 8% in 2020.
Other key financial metrics
Group operating profit of £1,199m in 2020 inclusive of the ReAssure business (2019: £810m).
Assets under administration of £338bn as at 31 December 2020 (31 December 2019: £248'
They look good to me in every respect and they have even increased the full year dividend modestly. The reason it is not a bigger increase is I think the effect of issuing new shares for takeovers, just what I was discussing on the TRIG thread.
Dod
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Re: Phoenix Group Holdings PLC (PHNX)
STATEMENT IN RESPONSE TO PRESS SPECULATION
https://www.investegate.co.uk/phoenix-g ... 00059153Y/
The Board of Phoenix Group Holdings plc ("Phoenix") notes the recent press speculation regarding the potential sale of its European businesses and confirms that it is now in advanced discussions in respect of a potential sale.
A sale of the European businesses will only be considered if it maximises value for shareholders. Discussions are on-going and there can be no certainty that any transaction will be agreed.
The person responsible for arranging for the release of this announcement on behalf of Phoenix is Gerald Watson, Group Company Secretary.
https://www.investegate.co.uk/phoenix-g ... 00059153Y/
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Re: Phoenix Group Holdings PLC (PHNX)
Further to the above;
Discussions in Respect of Sale Discontinued
https://www.investegate.co.uk/phoenix-g ... 00029653B/
Discussions in Respect of Sale Discontinued
Following its recent announcement dated 18 May 2021, the Board of Phoenix Group Holdings plc ("Phoenix" or "the Group") announces that discussions regarding the potential sale of its European businesses ("Phoenix Europe") have been discontinued.
The Group received unsolicited expressions of interest for Phoenix Europe and has recently been in advanced discussions with a third party about a potential sale. However, the Board has concluded that the transaction under consideration would not maximise shareholder value and therefore discussions have been discontinued.
https://www.investegate.co.uk/phoenix-g ... 00029653B/
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