Phoenix Group delivers record H1 performance

Insurer Phoenix Group said on Monday that it had delivered a record first-half performance, leading the group to up its interim dividend.

Phoenix stated it had recorded "strong" cash generation of £950.0m in the six months ended 30 June, up from £872.0m a year earlier, and said it was now confident of hitting the top-end of its full-year guidance of £1.3bn-£1.4bn.

The FTSE 100-listed also declared an interim dividend of 24.8p per share, equal to its 2021 final dividend and an increase of 3% year-on-year.

Phoenix posted a Solvency II Surplus of £4.7bn, down from £5.3bn at the end of 2021 due to a £450.0m debt repayment, while first-half new business long-term cash generation hit a fresh record high of £430.0m - more than double the £206.0m reported a year earlier.

Chief executive Andy Briggs said: "Phoenix has performed very strongly in the first half of the year despite the challenging macro environment. We have once again delivered a record set of financial results, which was underpinned by the strong progress we have made across our strategic priorities."

Reporting by Iain Gilbert at Sharecast.com