Shares in Phoenix Group (LSE: PHNX) traded 1.5% higher on Thursday after the life insurer reported strong organic growth and nearly doubled net fund flows to £7 billion in 2023, driven by improved performance across its businesses.
The FTSE 100 firm highlighted around 80% growth in net flows, underpinned by its Pension & Savings and Retirement Solutions units. Phoenix saw workplace pensions jump to £4.5 billion from £2.4 billion last year while retirement solutions gained £6 billion in premiums.
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As a result of the “strong performance”, Phoenix achieved its 2025 new business cash generation target two years early, generating £1.5 billion in 2023. The group also nearly halved total net outflows to £3 billion.
Chief Executive Andy Briggs said the early delivery of the medium-term target “reflects the focus and investment we have put into our growth strategy.”
Going forward, Phoenix continues to expect a Solvency II surplus slightly below its £3.9 billion level in June, reflecting “continued investment” into the business.
Phoenix Group shares are down 19% over the past 12 months.
