Strong growth in Standard Life’s workplace business has helped its parent group Phoenix boost its profits and meet its 2025 growth target two years early.
Announcing its full year results, Phoenix said it has delivered £1.5bn of new business, a record of the company, which until it bought Standard LIfe was more focused on closed insurance funds.
Overall Phoenix saw its pre-tax profits increase 13 per cent, year on year to £617m. This was driven by particularly strong growth in its pensions and savings business, up 27 per cent year on year to £190m.
Its new business inflows increased by 72 per cent year on year to £6.7bn — primarily driven by Standard Life’s workplace pension and savings business.
Results published for Standard Life earlier this year show it had doubled its net new business flows in the space of 12 months.
Phoenix says this business growth helped it deliver over £2bn of cash generation overall. It says it has maintained its resilient balance sheet with the board recommending a 2.5 per cent dividend increase to shareholders.
Looking ahead, the company said it was looking to develop a retail proposition for the next phase of its growth strategy, but would also be looking at more innovate retirement income solutions to cover both the workplace and retail market.
Phoenix Group CEO Andy Briggs says: “Phoenix’s vision is to be the UK’s leading retirement savings and income business, and we are making great progress in delivering our strategy to achieve this, as our strong 2023 financial results demonstrate.
“The next phase of our strategy will see us balance our investment across our strategic priorities to grow, optimise and enhance our business.”
