Phoenix Group : Strong growth of new business
>Increase in new business long-term cash generation - Phoenix Group yesterday released its H1 2023 results. As a reminder, there was no consensus for net profit or operating profit under IFRS 17 due to the lack of a comparison base prior to the publication. The group generated incremental new business long-term cash generation of £ 885m in H1 2023 (vs £ 430m in H1 2022) beating expectations (vs our estimate of £ 530m and the consensus at £ 519m) with £ 665m from its r...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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