Phoenix Group : Solid result in H1, but decline in new business over the period
>Substantial cash flow generation in H1 - Phoenix Group yesterday released its H1 2021 earnings. The group recorded cash flow generation of £ 872m (+101% vs a base in H1 2020 which did not integrate ReAssure consolidated since July 2020), ahead of expectations (consensus £ 722m, our forecast of £ 803m). After this strong cash flow generation in H1, Phoenix Group now expects full-year cash flow generation in its target range of £ 1.5-1.6bn. Note that the group has anno...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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