Phoenix Group : Positive operating trends
>Significant cash generation - Phoenix Group published its 2020 results yesterday morning. The group generated operating earnings before tax and financing costs of £ 1,199m in 2020 (+48%), beating forecasts (our estimate £ 985m, consensus £ 955m). Note that operating earnings included ReAssure, which has been consolidated since last July, for the first time. Operating earnings benefited from the group’s good commercial momentum, but was also driven by a positive £ 277...Phoenix Group Holdings is a closed life and pension fund consolidator. Co. manages manage life insurance funds which no longer actively sell new life or pension policies and which run-off gradually over time. Co. has one reportable segment, comprising its investment in and loans to/from Co.'s entities. Its revenue principally comprises the dividend and interest income derived from these investments and loans. As of Dec 31 2014, Co. had approximately 5.0 million policyholders and about £52.30 billion of total life company assets.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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