Phoenix Group : Cash flow generation remains strong
>Cash flow generation beat forecasts in H1 - On 15 August, Phoenix Group published its results for H1 2022 (see our First Take published on 16 August). We adjusted our forecasts this morning following this earnings release. As a reminder, in H1 2022 Phoenix Group generated net cash flow of £ 950m (+9% vs H1 2021) well above forecasts (consensus at £ 692m and our estimate of £ 701m), with a high level of gains resulting from the managerial measures put in place by the ...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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