Phoenix Group : Attractive risk/reward profile in the current context
>Strong cash flow generation expected in 2021 - Phoenix is due to report its 2021 results on 14 March. We anticipate strong operating cash flow generation (dividend received from subsidiaries) of £ 1.606bn, largely in line with the consensus (£ 1.61bn). This forecast capital generation is down on 2020 (£ 1.713bn) which beat the group’s expectations (£ 1.5-1.6bn), with Phoenix having finalised the acquisition of ReAssure over the summer of 2020. For 2021, our forecast ...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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