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Phoenix Group Posts Wider Loss For H1

Phoenix Group Holdings (PHNX.L), a British life insurance and pension funds company, on Monday posted a wider loss for the first-half, reflecting a 1.076 billion pounds of adverse investment return variances.

For the six-month period, the insurance firm posted a pre-tax loss of 1.17 billion pounds, compared with 628 million pounds loss a year ago.

Net loss for the period was at 876 million pounds or 92 pence per share, compared with 667 million pounds or 73.3 pence per share loss reported last year.

However, operating result was a pretax profit of 507 million pounds as against 527 million pounds of previous year period.

Net premiums written improved to 2.21 billion pounds, from 1.61 billion pounds, registered for the first two-quarter period of 2021.

Total revenue, net of reinsurance payable rose to 2.69 billion pounds, versus 2.10 billion pounds of last year's first-half.

The Board has declared an Interim dividend of 24.8p per share, higher than last year's first-half interim dividend of 24.1 pence per share.

Looking ahead, for the fiscal 2022, the company said: "Confident of deploying our target capital allocation into BPA of c.300 million pounds in 2022, with 1.1 billion pounds of premiums already contracted in H2, and a further 1.1 billion pounds of premiums in exclusive discussions, including the Pearl Pension Scheme."

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