Insurance giant Phoenix Group performed 'very strongly' over first half of 2022
The life insurance and savings firm said it is confident about its outlook for the rest of the year after cash generation increased by 8.9% to £950 million over the six months to June, compared with the same period last year.
It told shareholders that it expects cash generation to be at the top end of its target range of £1.3 billion to £1.4 billion for the whole of 2022.
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Hide AdAndy Briggs, chief executive officer of Phoenix Group, said: “Phoenix has performed very strongly in the first half of the year despite the challenging macro environment.
“We have once again delivered a record set of financial results, which was underpinned by the strong progress we have made across our strategic priorities.
“We have been working tirelessly to ensure we can support our customers and colleagues impacted by the increased cost of living, building on our programme of activities for our most vulnerable customers and offering a range of support to our colleagues including a one-off payment.
“As the UK’s largest long-term savings and retirement business, we are driven by our core social purpose.”