8 March 2021 | 07:28am
StockMarketWire.com - Insurance company Phoenix posted a large rise in annual profit after higher premium revenue and lower expenses helped offset fall in investment income.
Pre-tax profit for the year through December jumped to £1.27 billion, up from £351 million year-on-year.
Gross written premium climbed 17% to £4.71 billion and was boosted by the acquisition of ReAssure
Phoenix generated cash of £1.7 billion, above the upper end of its £1.5 billion-to-£1.6 billion target range.
The company declared a 3% rise in its final dividend to 24.1p per share, bringing the full-year payout to 47.5p per share, up 1.5% year-on-year. 2020 was a landmark year for Phoenix during which we completed the acquisition of ReAssure and became the UK s largest long-term savings and retirement business, chief executive Andy Briggs said.
Phoenix is set to return £68m to Standard Life Aberdeen after compensation for annuity sales failures by SLA’s insurance arm came in below Phoenix’s estimates when it acquired the business. Back in 2016, the FCA published a thematic review into how non-advised annuities were sold across the market, raising concerns
Discussions are being held between insurance giants and Ministers on allowing pension funds to invest in affordable homes and start-up companies as part of a plan to help regenerate the nation.
Pensions billions could be freed up to help regenerate Britain dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.