Phoenix Group : Operating trends expected to be robust in H1 2022
>Significant cash flow generation - Phoenix Group is due to report its H1 2022 results on 15 August. We forecast significant cash flow generation at £ 701m in H1 2022, down 19.6% vs a very high base in H1 2021, which included a positive impact of £ 0.3bn of measures taken by the group, including integration synergies following the acquisition of ReAssure in mid-2020. Our cash flow forecast is very slightly above the consensus (£ 692m). As such, we think that the group...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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