Life insurer Phoenix Group Holdings PLC (LSE:PHNX) reported a robust first half of 2025, with profits, cash generation and solvency metrics all improving as it prepares to change its name to Standard Life next spring.
Operating cash generation rose 9% to £705mln, while adjusted operating profit climbed 25% to £451 million and IFRS losses after tax narrowed to £156 million from £646 million last year.
The group’s Solvency II coverage ratio improved to 175%, up three points since December, while leverage fell to 34%.
Phoenix lifted its interim dividend to 27.35p per share, up 2.6%.
Growth was broad-based, with Pensions & Savings delivering a 20% profit rise on higher assets under administration, and Retirement Solutions posting a 36% increase thanks to strong annuity and bulk purchase activity.
CEO Andy Briggs reaffirmed its 2026 financial targets and said changing the group's name to Standard Life PLC in March 2026 "brings our most trusted brand to the forefront and demonstrates our commitment to helping customers secure a better retirement".
Phoenix acquired the Standard Life brand from Standard Life Aberdeen (now Aberdeen Group) in February 2021, following its 2018 acquisition of Standard Life Assurance Ltd in a partnership where Phoenix owned the insurance arm and Aberdeen provided asset management.