Phoenix Group : Solid commercial activity in 2022 and strong cash flow generation
>Higher cash flow generation in 2022 - Phoenix Group reported its 2022 results yesterday. Last year it generated cash flow of £ 1.504bn, about 4% ahead of the consensus (£ 1.448bn) and ahead of our forecast (£ 1.418bn). This cash flow generation beat the group’s target range of £ 1.3-1.4bn. It comprises organic cash flow generation of £ 0.8bn, surplus capital from the subsidiaries of £ 0.1bn and £ 0.6bn generated through the managerial actions conducted by 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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