Phoenix Group Holdings Plc (PHNX.L), an insurance company, reported Friday that its fiscal 2023 IFRS loss before tax attributable to owners was 164 million pounds, compared to last year's loss of 3.51 billion pounds.
Loss after tax attributable to owners narrowed to 88 million pounds from prior year's loss of 2.66 billion pounds. Loss per share was 13.8 pence, compared to loss of 274.9 pence a year ago.
The results benefited from less accounting volatility from market movements.
IFRS adjusted operating profit before tax increased 13 percent to 617 milion pounds from 544 million pounds last year, driven by 27 percent growth in Pension and Savings business.
Total income was 22.29 billion pounds in the year, compared to last year's total expense of 37.32 billion pounds.
Insurance revenue declined to 4.86 billion pounds from 5.14 billion pounds a year earlier.
Further, the Board is recommending a 2.5 percent increase in the final 2023 dividend to 26.65p per share. This brings total dividend for the year of 52.65p, up 3.6 percent from last year.
Looking ahead, the company expects to drive strong growth in IFRS adjusted operating profit, through business growth and cost efficiencies. The company targets 900 million pounds of IFRS adjusted operating profit in 2026.
The company also projects 250 million pounds of annual cost savings by the end of 2026.
Phoenix Group further intends to repay at least 500 million pounds of debt by the end of 2026.
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