Phoenix Group Reports Narrower Loss in First Half of 2023

Phoenix Group Holdings, a consolidator of life insurance and pensions, has announced a reduction in its pretax loss for the first half of 2023. This improvement is due to lighter losses from investments, which can be attributed to decreased market volatility during this period.

The London-listed group revealed a pretax loss of £437 million ($530.3 million) for the six months ended June 30. This figure marks a significant decrease compared to the restated pretax loss of £1.68 billion during the same period the previous year.

Interestingly, Phoenix Group also noted an increase in its adjusted operating pretax profit, which rose from £254 million to £266 million. This improvement can be attributed to a rise in the contractual service margin release from its bulk purchase annuity new business and positive assumption changes from the previous year.

In recent news, the company expressed confidence in its cash generation for 2023, anticipating it to be at the higher end of expectations. This optimism follows better-than-anticipated first-half cash generation and shareholder capital coverage ratio.