Phoenix doubles long-term money technology

Pension agency Phoenix mentioned it doubled its long-term money technology within the first half of the 12 months regardless of a “difficult market setting.”

It mentioned new enterprise long-term money technology elevated 106% to £885m, up from £430m within the first half of 2022.

Its Retirement Options enterprise generated £665m, up from £282m whereas its capital-light fee-based companies generated £220m, up from £148m.

The corporate mentioned flows into its funds climbed 72% to £3.1bn, up from £1.8bn.

Phoenix chief govt Andy Briggs praised inorganic development via the acquisition of Solar Lifetime of Canada UK.

It purchased Sun Life in August 2022, finishing the acquisition in April this 12 months for £250m.

He mentioned there could possibly be extra mergers and acquisitions forward. Phoenix mentioned: “We now have the monetary flexibility to fund transactions.”

Kunal Sood, managing director of outlined profit options and reinsurance at Customary Life, which is a part of Phoenix Group, mentioned the enterprise wrote £3.2bn of bulk buy annuity premiums within the six months.

He mentioned: “The BPA market is seeing file ranges of demand, resulting from larger rates of interest narrowing the funding hole of many outlined profit pension schemes, and due to this fact making buy-ins and buy-outs extra reasonably priced for trustees.”

He predicted that 2023 would show to be a record-breaking 12 months, with the entire BPA market anticipated to succeed in greater than £40bn.

He mentioned the outlook for the second half of the 12 months appears constructive, “with a robust pipeline of exercise because the funding ranges for a lot of schemes enable them to place themselves for de-risking exercise a lot sooner than anticipated.” 

Earlier this month, Phoenix launched an open market Customary Life particular person annuity, out there to new and current prospects.


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