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Life insurance giant Phoenix Group announces record £1.5bn intake for financial year

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One of the largest providers of life insurance in the UK, the Phoenix Group, has announced record financial results for 2021, taking in £1.7bn.

The firm surpassed its target of £1.5bn in the last 12 months, with its board announcing a new policy dividend increase of three per cent.

Phoenix had a strong performance in terms of its regulatory resilience, with a Solvency II Surplus of more than £5bn, and an increased SCCR (Shareholder Capital Coverage Ratio) of 180 per cent, up from 164 per cent, representing a stronger balance of creating wealth by issuing equity shares – compared to taking on debt.

 “2021 marked a pivotal moment for Phoenix, with £1.2 billion of new business from our Open business more than offsetting the run-off of our Heritage business for the first time”, said CEO, Andy Briggs.

He added, this shows its a “growing, sustainable business”, the results allowed its board “to recommend our first ever organic dividend increase of three per cent” and a new policy “which sets out our intention to pay a dividend that is sustainable and grows over time.”