Phoenix Group Holdings - Trading Update

RNS Number : 3600U

Phoenix Group Holdings

21 December 2011

 



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21 December 2011

Phoenix Group Holdings: Trading Update

Phoenix Group, the UK's largest specialist closed life fund consolidator, issues this trading update.

Phoenix confirms that it will achieve its stated target of generating £750-£850 million operating company cash generation and now forecasts a result around the £800 million level.

Clive Bannister, Group Chief Executive, said:

"I am pleased to be able to provide greater certainty to our shareholders and the market.  As a closed life fund company, cash generation is our key metric and to achieve £800 million, which compares to £734 million for 2010, would be a significant achievement.

"In 2011 we set ourselves stretching targets.  Despite challenging market conditions, the expertise and hard work of our people has enabled us to reduce risk and to meet those targets."

Enquiries

Media                                                                                                   Investors

Daniel Godfrey                                                                                 Lorraine Rees

Director of Corporate Communications                                 Head of Investor Relations

+ 44 (0) 20 7489 4517                                                                       + 44 (0) 20 7489 4456

+ 44 (0) 7894 937 890                                                                       + 44 (0) 7872 413 277

PR Advisers - Maitland

Neil Bennett                      [phone]

Tom Buchanan                  [phone]

Tom Eckersley                   [phone]

Notes

1. The Phoenix Group is the UK's largest specialist consolidator of closed life funds with over six million customers and over £68 billion of assets under management in its wholly owned asset management business, Ignis Asset Management.

Forward looking statements

This announcement in relation to Phoenix Group Holdings and its subsidiaries (the 'Group') contains, and we may make other statements (verbal or otherwise) containing, forward-looking statements about the Group's current plans, goals and expectations relating to future financial conditions, performance, results, strategy and/or objectives.

Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks', 'targets', 'continues' and 'anticipates' or other words of similar meaning are forward-looking.

Forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the Group's control. For example, certain insurance risk disclosures are dependent on the Group's choices about assumptions and models, which by their nature are estimates. As such, actual future gains and losses could differ materially from those that we have estimated.

Other factors which could cause actual results to differ materially from those estimated by forward-looking statements include but are not limited to:  domestic and global economic and business conditions; asset prices; market related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of governmental and/or regulatory authorities, including, for example, new government initiatives related to the financial crisis and the effect of the European Union's "Solvency II" requirements on the Group's capital maintenance requirements; the impact of inflation and deflation; market competition; changes in assumptions in pricing and reserving for insurance business (particularly with regard to mortality and morbidity trends, gender pricing and lapse rates); the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; risks associated with arrangements with third parties, including joint ventures; inability of reinsurers to meet obligations or unavailability of reinsurance coverage; the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which members of the Group operate.

As a result, the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements within this announcement. The Group undertakes no obligation to update any of the forward-looking statements contained within this announcement or any other forward-looking statements it may make.  Nothing in this announcement should be construed as a profit forecast.

 

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