Published on 21 Sep 2024 on GuruFocus.com · via Yahoo Finance
Phoenix Group Holdings PLC (PNXGF) (Q2 2024) Earnings Call Transcript...
Investment: GBP164 million invested out of a planned GBP700 million.Debt Repayment: GBP250 million paid off in the first half.Recurring Management Actions: GBP264 million delivered in six months, targeting GBP400 million for the year.Net Fund Flows: GBP3.3 billion in the first half, up 83% year-on-year.Assets Under Administration: Up 9% on average.Operating Margin: Increased from 14 bps to 17 bps.IFRS Operating Profit: GBP149 million, up 31% compared to the second half of 2023.Annuity Portfolio: GBP39 billion, representing 14% of total assets.Annuity Premiums: GBP1.7 billion written in the first half, with an additional GBP400 million since June.Capital Stream: Reduced to around 3%, enabling GBP6 billion of annuity premiums annually.Total Cash Generation: GBP950 million, with operating cash generation up 19% to GBP647 million.Adjusted Operating Profit: GBP360 million, up 15% year-on-year.Statutory Loss After Tax: GBP646 million due to Solvency II hedging strategy impacts.Interim Dividend: 26.65p per share, a 2.5% year-on-year increase.Solvency II Leverage Ratio: Reduced to 35%, targeting 30% by the end of 2026.Shareholder Capital Coverage Ratio: 168% at the end of June.CSM Growth: 10% increase to GBP3.1 billion gross of tax.