Phoenix Group saw an 80 per cent increase in new business net fund inflows in 2023, with £7bn placed with the provider and workplace pensions and savings through Standard Life almost doubling year on year.
Workplace net fund flows stood at £4.5bn, nearly double the £2.4bn written in 2022. £2bn of new scheme assets were transferred in 2023, including the transfer of the Siemens workplace scheme, which Phoenix describes as one of the largest workplace schemes tendered in the UK market in recent years.
It wrote £6bn of bulk purchase annuity (BPA) premiums in 2023, compared to £4.8bn the previous year. It delivered £1.5bn of new business long-term cash, and says this means it achieved its 2025 growth target two years early.
The majority of the growth was delivered through its Standard Life business.
Phoenix Group CEO, Andy Briggs says: “I am delighted that Phoenix Group has delivered another year of strong organic growth in 2023. Our capital-light fee-based workplace business continues to go from strength to strength, nearly doubling its net fund flows year-on-year, including the transfer of one of the largest workplace schemes tendered in the UK market in recent years . Our BPA business also performed well in a buoyant market , with c.£6bn of premiums contracted at a reduced capital strain of less than 5 per cent.”