LONDON (dpa-AFX) - Phoenix Group Holdings (PHNX.L) reported that its IFRS profit after tax attributable to owners for fiscal year 2018 was 410 million pounds, compared to a loss of 27 million pounds in the previous year. The increase primarily reflected the improved operating profit together with net positive economic variances arising on hedging positions held by the life companies to protect the Group's Solvency II surplus position and a gain recognised on acquisition of the Standard Life Assurance businesses of 141 million pounds.
The Group has generated an operating profit of 708 million pounds, compared to 368 million pounds last year. The increase compared to the prior year was primarily driven by the inclusion of the Standard Life Assurance businesses for the four month period post completion of the acquisition together with net positive impacts of management actions, experience and actuarial assumption changes during 2018.
Profit for the year before tax was 259 million pounds, compared to a loss of 7 million pounds in the previous year.
Total revenue, net of reinsurance payable, was 2.55 billion pounds, up from 1.11 billion pounds in the prior year.
The recommended final dividend of 23.4 pence per share is expected to be paid on 7 May 2019, subject to shareholder approval at Phoenix Group Holdings plc's AGM on 2 May 2019.
Phoenix said, 'Against a backdrop of macroeconomic uncertainty in light of Brexit, the Board aims to maintain the breadth and depth of experience required to continue delivering shareholder value and improving customer outcomes. Therefore, we were delighted to welcome Campbell Fleming and Barry O'Dwyer from Standard Life Aberdeen to the Board. Both bring with them substantial experience and executive skills complementary to those of our existing Directors and very related to our evolving strategy.'
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