Phoenix Group Soars in H1 2025 With 25% Profit Jump and Strategic Partnership
Phoenix Group, a leading UK insurer, has reported a strong first half of 2025, marked by a significant increase in profits and a strategic partnership. The company also announced plans for a corporate rebranding.
Phoenix Group's adjusted operating profit soared by 25% to £451m ($612.82m) in H1 2025, driven by a 36% surge in the Retirement Solutions segment to £286m. The Pensions and Savings division also contributed significantly, with a 20% increase in adjusted operating profit to £179m.
The company's financial performance was further boosted by a 9% year-on-year growth in operating cash generation to £705m. Phoenix Group's loss after tax narrowed considerably to £156m, compared to a £646m loss in the prior year. The company also reported a Solvency II surplus of £3.6bn, an increase of £100m from last year.
In a strategic move, Phoenix Group entered into a partnership with Canada Life to oversee 1.9 million insurance policies. The company also announced plans to internally manage approximately £20bn more from its £39bn annuities portfolio, having already taken control of £5bn.
Phoenix Group's strong performance in H1 2025 positions it well to achieve its three-year financial targets, with half of the £5.1bn total cash generation target already met. The company has declared an interim dividend of 27.35p per share, payable on 30 October 2025. Looking ahead, Phoenix Group is preparing for a corporate rebranding to Standard Life plc by March 2026.
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