The Pheonix Board have recommended a final dividend of 23.4p per share which is expected to be paid on 19 May 2020, subject to shareholder approval at Phoenix Group Holdings plc's AGM on 15 May 2020.
The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of 2 April 2020. The record date for eligibility for payment will be 3 April 2020.
Other financial highlights include:
Strong cash generation of £707 million in 2019 (2018: £664 million) exceeding the upper end of its cash generation target range of £600 million - £700 million for the year.
Solvency II surplus of £3.1 billion as at 31 December 2019 (£3.2 billion as at 31 December 2018).
Shareholder Capital Coverage Ratio of 161% as at 31 December 2019 (167% as at 31 December 2018) demonstrating continued resilience.
Group operating profit of £810 million in 2019 (2018: £708 million).
New business in 2019 enhances the sustainability of their dividend by delivering £475 million of incremental long-term cash generation:
£240 million from UK Open and Europe businesses (2018 pro forma: £280 million); and
£235 million from bulk purchase annuities (2018: £250 million).
Assets under administration of £248 billion as at 31 December 2019 (£226 billion as at 31 December 2018).
Fitch Ratings affirmed the Group's rating as A+; "positive" outlook. Leverage ratio of 22% as at 31 December 2019 (22% as at 31 December 2018).
