Phoenix Group Holdings PLC

Latest Results (13.05.2026):

Phoenix Group Holdings PLC — Q4 2025 / Full Year 2025 (reported as Standard Life plc): The group delivered solid full‑year 2025 results with continued operating momentum. Key outcomes included Operating Cash Generation (OCG) of £1,474m (+5% y/y), IFRS adjusted operating profit of £945m (+15% y/y), total cash generation of £1,711m, a Solvency II surplus of c.£3.6bn and a Shareholder Capital Coverage Ratio of 176%. Assets under administration rose to £317bn and the Board proposed a 2025 final dividend of 28.05p (2025 total 55.40p, +2.6%). Management says the business is on track for its 2026 targets, including further deleveraging to c.30% SII leverage.

Headline financials

OCG £1,474m (+5%); IFRS adjusted operating profit £945m (+15%); total cash generation £1,711m (-4% y/y). IFRS loss after tax was £394m, driven by hedge-related economic variances under IFRS, while adjusted shareholders’ equity was £3,098m.

Capital and solvency

Solvency II surplus ~£3.6bn and Shareholder Capital Coverage Ratio (SCCR) 176% (up 4 ppts). Solvency II leverage improved to 33% (from 36%) after debt repayments; target is c.30% by end‑2026.

Cash generation, uses and deleveraging

Total cash generation over 2024–25 reached £3.5bn against a 2024–26 target of £5.1bn. Excess cash in 2025 was £423m and £398m of debt was repaid in 2025 (including $250m and £197m tranches), supporting the deleveraging programme.

Dividends

The Board recommended a Final 2025 dividend of 28.05p (Total 2025 dividend 55.40p per share), a 2.6% increase versus 2024. Distributable reserves at the holding company stood at £5.8bn at 31 Dec 2025.

Pensions & Savings (fee‑based)

Pensions & Savings IFRS adjusted operating profit rose 23% to £389m. Average AUA grew 7% to £204.6bn and margins improved to 19bps. Workplace gross inflows were £10.0bn (net inflows £5.3bn) and retail net outflows improved.

Retirement Solutions (annuities)

Retirement Solutions OCG was £879m (+3%); IFRS adjusted operating profit £563m (+19%). Group CSM (gross) grew 17% to £3,806m. New individual annuity premiums were £1.2bn (market share ~15%); PRT volumes £3.9bn, including a £1.9bn deal.

Cost savings, efficiency and CSM

Cumulative run‑rate cost savings reached £180m (ahead of plan), with a 2026 target of £250m run‑rate. Contractual Service Margin (gross) increased to £3.806bn (up 17%), supporting future IFRS profit releases.

Outlook and targets

Management reiterates it is on track for 2026 targets: mid‑single digit OCG growth, cumulative total cash generation £5.1bn (2024–26), SCCR within 140–180% and SII leverage ~30% by end‑2026. 2026 is the final year prioritising excess cash to delever; post‑2026 excess cash will be redeployed to growth, M&A or returns.