LONDON (dpa-AFX) - Phoenix Group Holdings (PHNX.L), a British savings and retirement company, reported Monday that its fiscal 2022 loss before tax attributable to owners was 2.26 billion pounds, wider than prior year's loss of 688 million pounds.
IFRS loss after tax was 1.76 billion pounds, compared to loss of 709 million pounds a year ago.
The latest results primarily reflected 2.67 billion pounds of adverse investment return variances and 522 million pounds of charges for amortisation and impairment of intangibles.
On IFRS basis, adjusted operating profit grew to 1.245 billion pounds from last year's 1.23 billion pounds.
Assets under administration fell to 259 billion pounds from 310 billion pounds last year, primarily due to around 46 billion pounds reduction in asset values.
Further, the Board is recommending a 5 percent increase in the Group's 2022 Final dividend to 26.0 pence per share, resulting in total dividend for 2022 to be 50.8 pence per share, up from 48.9 pence per share last year. It comprises a 2.5 percent organic dividend increase, and a 2.5 percent inorganic increase, reflecting the value from the acquisition of Sun Life of Canada UK.
The recommended final dividend is expected to be paid on May 10. The record date for eligibility for payment will be March 31.
Looking ahead, Andy Briggs, Group Chief Executive Officer, said, 'Looking forward, it is clear that 2023 will present a challenging economic backdrop. However, our business model is designed to be resilient throughout the economic cycle....All of which means we expect to see continued organic and M&A growth, to support us in delivering Cash, Resilience and Growth, enabling us to pay a dividend that is sustainable and grows over time. We are confident in our future growth as demonstrated by setting our first ever organic growth target of c.£1.5 billion of incremental new business long-term cash generation by 2025.'
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