Phoenix Group Holdings plc, a leading UK retirement savings and income business, released its 2024 annual financial report, highlighting strong strategic and financial progress. The report showed that the company achieved its 2026 Operating Cash Generation target of £1.4 billion two years ahead of schedule, with a 22% increase in Operating Cash Generation to £1,403 million in 2024. The companys Solvency II surplus remained resilient at £3.5 billion, and it maintained a comfortable Shareholder Capital Coverage Ratio of 172%.
Phoenix Groups IFRS adjusted operating profit increased by 31% to £825 million, driven by growth in both its Pensions and Savings and Retirement Solutions businesses. The company also delivered £63 million in run-rate cost savings and upgraded its earnings targets, now aiming for approximately £1.1 billion in IFRS adjusted operating profit by 2026. The Board recommended a 2.6% increase in the Final 2024 dividend, reflecting its confidence in the Groups 3-year strategy.
The report highlighted the companys success in the Bulk Purchase Annuities market, maintaining a top-5 average position over the last three years. It also noted the rapid growth in market share in the individual annuity market, reaching 12% after re-entering the market in 2023. The companys asset management capabilities were also enhanced, contributing to the overall strong financial performance.
Overall, Phoenix Groups 2024 financial results demonstrated its ability to deliver sustainable and profitable growth, positioning it well to achieve its upgraded 3-year financial targets.