Phoenix Group says its operating profit jumped 48% in 2020
- Phoenix Group says its operating profit jumped 48% in 2020.
- The British firm values assets under management at £338 billion.
- Phoenix Group declared 24.1 pence per share of final dividend.
Phoenix Group Holdings plc (LON: PHNX) said on Monday that its operating profit posted a 48% increase in 2020 amidst the ongoing Coronavirus pandemic that has so far infected 4.2 million people in the United Kingdom and caused over 124 thousand deaths. The company attributed its hawkish performance partly to the acquisition of ReAssure Group plc last year.
Phoenix Group shares were reported more than 1% up in premarket trading on Monday and jumped another 2% on market open. Including the price action, the stock is now exchanging hands at £7.44 per share.
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In comparison, Phoenix had tumbled to a per-share price of £4.67 in March 2020, when the COVID-19 crisis was at its peak. If you want to invest in the stock market online, you will need a reliable stockbroker – here’s a list of the top few to make selection easier for you.
Phoenix Group values assets under management at £338 billion
Phoenix Group said that its operating profit printed at £1.20 billion in 2020. In the previous year, its operating profit was capped at a lower £810 million. The British company’s financial update comes a few weeks after it said it will buy Standard Life brand from the global investment company, Standard Life Aberdeen.
As of the end of 2020, the insurance services provider had £338 billion of assets under management versus the year-ago figure of £248 billion. Capital coverage ratio, as per Phoenix Group, came in at 164% in 2020. Phoenix Group Holdings said on Monday:
“Delivering on our open business growth aspirations will bring enhanced long-term sustainability to the group’s organic cash generation and also has the potential to support future dividend growth.”
Phoenix Group declares 24.1 pence per share of final dividend
The FTSE 100 listed firm’s board announced 24.1 pence per share of final dividend on Monday, pushing the full-year dividend up to 47.5 pence per share. In 2019, Phoenix Group had declared a slightly lower 46.8 pence per share of dividend.
In the first week of December, the London-based company valued its full-year cash generation at £1.7 billion, that translated to a more than 100% growth compared to the previous year.
Phoenix Group performed slightly downbeat in the stock market last year with an annual decline of close to 7%. At the time of writing, the UK-based multinational is valued at £7.42 billion and has a price to earnings ratio of 10.09.