Phoenix Group hits growth targets early after strong 2023

(Sharecast News) - UK savings and retirement business Phoenix Group said it was able to achieve its 2025 growth target two years early after a strong performance in 2023 with new business net fund flows up 80%. In a pre-close trading update for the 12 months to 31 December, the company said new business net fund flows totalled £7bn, up from £3.9bn in 2022, helped by an improved performance in the Standard Life branded Pension & Savings and Retirement Solutions businesses.

The company, which reports its annual report on 22 March, said total group net outflows, including the legacy Heritage business, nearly halved in 2023 to £3 billion, from £5.7bn previously.

"I am delighted that Phoenix Group has delivered another year of strong organic growth in 2023, with increased new business net fund flows supporting us in delivering £1.5bn of new business long-term cash," said chief executive Andy Briggs.

"This means we have achieved our 2025 new business long-term cash target two years early, reflecting the focus and investment we have put into our growth strategy."

The stock was up 0.2% at 331.27p by 0820 GMT.