PHNW Phoenix Wts(DI)

TIDMPHNX TIDMPHNW

RNS Number : 3600U

Phoenix Group Holdings

21 December 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

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 GBP750-GBP850 million operating company cash generation and now forecasts a result around the GBP800 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 GBP800 million, which compares to GBP734 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                      +44 (0) 7900 000777 
   Tom Buchanan                  +44 (0) 7974 982366 
   Tom Eckersley                   +44 (0) 7809 845942 

Notes

1. The Phoenix Group is the UK's largest specialist consolidator of closed life funds with over six million customers and over GBP68 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTBUBDDRUDBGBG

Grafico Azioni Phoenix Wts(DI) (LSE:PHNW)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Phoenix Wts(DI) (LSE:PHNW)
Storico
Da Giu 2023 a Giu 2024