Phoenix Group hails record new business figure for Standard Life

Unveiling strong full-year results for 2023, the FTSE 100 company said it had achieved its 2025 growth target two years early, with some £1.5 billion of new business cash delivered by the Standard Life business, marking a new record. Total cash generation of just over £2bn exceeded the group’s upgraded target of £1.8bn for the year. That included a circa £400 million benefit from the part VII transfer of Standard Life and Phoenix Life as announced in November.

It achieved just over £1.5bn in incremental new business long-term cash generation, surpassing the 2025 target of £1.5bn two years ahead of schedule. The board is recommending a 2.5 per cent increase in the final 2023 dividend to 26.65p per share, giving a total dividend payout of 52.65p.

Phoenix Group chief executive Andy Briggs said: “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.

“We have achieved our 2025 growth target two years early with £1.5bn of new business cash delivered by our Standard Life business - a new record. The next phase of our strategy will see us balance our investment across our strategic priorities to grow, optimise and enhance our business. This will support us in delivering the ambitious new 2026 targets.”

Andy Curran, chief executive of Standard Life, added: “Standard Life made an important contribution to the group’s 2023 results. As a result, we have achieved our £1.5bn new business long-term cash target two years ahead of schedule and delivered £6.7bn of new business net fund flows.

“Today people face a wide range of challenges when it comes to preparing for retirement and these range from longer lives, an increasing onus on the individual to save enough and then make decisions about how to make that money last. We believe Standard Life has an important role to play as a trusted brand that helps people journey to and through retirement.”