The Phoenix Board is recommending a 2.6% increase in the Final 2024 dividend to 27.35p per share; Total dividend 54.00p per share.
Other finiancial highligthts include:
IFRS adjusted operating profit increased 31% to £825m (FY 2023: £629m), driven by profitable growth in both Pensions and Savings (£316m) (FY 2023: £190m) and Retirement Solutions (£474m) (FY 2023: £378m).
£63m of run-rate cost savings delivered by the end of 2024; on track for their £250m target by the end of 2026.
IFRS loss after tax of £(1,078)m (FY 2023: £84m profit), primarily due to £(1,297)m of adverse economic variances as well as £520m of non-operating expenses, including planned investment. Economic variances reflected the accounting mismatch of our hedging programme which protects their cash and SII capital, and supports their progressive and sustainable dividend policy.
