Standard Life Assurance owner Phoenix Group hails 'resilience' amid coronavirus

Phoenix Group, the insurer that acquired Standard Life Assurance in 2018, has highlighted the “resilience” of its business model amid the Covid-19 crisis after booking higher first-half profits.
Chief executive Andy Briggs.Chief executive Andy Briggs.
Chief executive Andy Briggs.

The firm, which has some 2,800 staff based in Scotland, the majority at its Scottish operational HQ in Edinburgh, reported an operating profit of £361 million for the six months to the end of June, up from £325m a year earlier. Assets under administration remained stable compared to the end of December, at £248 billion.

Following the end of the reporting period, Phoenix completed the acquisition of ReAssure Group, making it the UK’s largest long-term savings and retirement business with some 14 million policies and £324bn of assets under administration.

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An interim dividend of 23.4p per share is expected to be paid to shareholders on 4 September.

Chief executive Andy Briggs said: “Covid-19 has resulted in an unprecedented global crisis which has challenged each and every one of us. The resilience of Phoenix’s business model has been evidenced through this period and ensured the continued delivery of cash and growth, which underpins our ability to continue to pay dividends in accordance with our stable and sustainable dividend policy.

“Despite the challenges of Covid-19 we have successfully completed the ReAssure acquisition, which establishes Phoenix as the UK’s largest long-term savings and retirement business.”

Read More
Phoenix Group on track with £1.2bn in Standard Life Assurance savings

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