Phoenix Group posts adjusted operating profit of $612m in H1 2025

Tue, Sep 9, 2025, 7:05 AM 2 min read

Phoenix Group has reported adjusted operating profit of £451m ($612.82m) for the first half of 2025 (H1 2025), a 25% increase from the previous year's £360m.

The UK-based insurer is preparing for a corporate rebranding to Standard Life plc by March 2026.

The company’s loss after tax narrowed to £156m in H1 2025, compared to a £646m loss in the prior year.

Operating cash generation grew by 9% year-on-year to £705m.

The company announced a Solvency II surplus of £3.6bn in the six months to 30 June, an increase of £100m from last year.

Its shareholder capital coverage ratio rose to 175% from 172%, nearing the upper limit of its 140–180% target.

The Pensions and Savings division saw a 20% increase in adjusted operating profit to £179m, alongside 5% growth in average assets under administration to £187.9bn.

Workplace net inflows for the period were recorded at £2.8bn, lower than the £3.3bn reported in the previous year, while retail net outflows showed a marginal improvement to £4.4bn.

The Retirement Solutions segment experienced a 36% surge in adjusted operating profit to £286m, attributed to enhanced portfolio actions and cost management.

Notably, Phoenix Group said it has taken control of £5bn from its £39bn annuities portfolio and is preparing to internally manage approximately £20bn more.

The transition of 800,000 policies to the TCS BaNCS platform was completed in H1 2025, and a partnership with Wipro has been established to oversee 1.9 million policies.

The board has declared an interim dividend of 27.35p per share, payable on 30 October 2025.

Additionally, the company said it is on course to achieve its three-year financial targets including total cash generation of £5.1bn for the period 2024–26, with half of this target already met.

Phoenix Group CEO Andy Briggs said: “This is a strong first half performance with progress against all key financial metrics we use to drive the business, demonstrating continued momentum towards our 2026 targets.”

"Phoenix Group posts adjusted operating profit of $612m in H1 2025 " was originally created and published by Life Insurance International, a GlobalData owned brand.

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