Sun. Feb 5th, 2023

LONDON, Dec 6 (Reuters) – British life insurer Phoenix (PHNX.L) set its first incremental new enterprise long-term money era goal at round 1.5 billion kilos ($1.83 billion) by 2025 on Tuesday, following robust efficiency for 2022.

Phoenix, which specialises in managing books of life insurance coverage enterprise that are closed to new clients, stays on monitor to ship 2022 money era on the high finish of its goal vary of 1.3-1.4 billion kilos, it stated in a press release forward of an investor day.

It expects to ship round 1.2 billion of incremental new enterprise long-term money era in 2022 by means of natural progress, primarily by means of its Customary Life model, which additionally has merchandise open to new clients.

“It’s shaping as much as be one other excellent yr for Phoenix Group,” Chief Govt Andy Briggs stated.

“Alongside optimising our in-force enterprise and M&A (mergers and acquisitions), our natural technique is to ship sustainable progress.”

Phoenix’s investor day will deal with Customary Life, it stated.

Phoenix purchased Customary Life Aberdeen’s European and UK insurance coverage companies in 2018 and final yr purchased the Customary Life model.

Asset supervisor Customary Life Aberdeen has since renamed itself abrdn(ABDN.L).

($1 = 0.8214 kilos)

Reporting by Carolyn Cohn, modifying by Kirstin Ridley

Our Requirements: The Thomson Reuters Belief Ideas.

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