Operating companies’ cash generation £225 million (31 December 2014: £567 million)

With cash generation of £225 million, the Group met its full year cash generation target for 2015 of £200 million to £250 million. Cash remitted reflects free surplus within the life companies and the benefit of management actions implemented in the period. The reduction from the prior period reflects the retention of capital in the life companies in advance of the transition to the new Solvency II capital regime.

Dividend per share
53.4 pence per share (31 December 2014: 53.4 pence per share)
The Board has recommended a final dividend of 26.7p per share, bringing the total dividend for the year to 53.4p per share. The final dividend is due to be paid on 13 May 2016, subject to shareholder approval at the Company’s AGM.
Group IFRS operating profit
£324 million (31 December 2014: £483 million)
Group IFRS operating profit has decreased by £159 million to £324 million principally due to the lower impact of management actions compared to the previous period.
Solvency II Surplus
£1.3 billion 
Our opening Solvency II surplus of £1.3 billion represents a robust and resilient capital position.
Group MCEV
£2,513 million (31 December 2014: £2,647 million)
With cumulative incremental embedded value from management actions of £466 million, the Group has exceeded the cumulative incremental embedded value target of £400 million from 2014 – 2016. The reduction of Group MCEV from the prior period primarily reflects dividend and financing costs, the adverse impacts of economic conditions and changes in asset portfolios ahead of Solvency II implementation, partly offset by management actions.

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