Balance Sheet Phoenix Group Holdings plc

Equities

PHNX

GB00BGXQNP29

Life & Health Insurance

Market Closed - London S.E. Other stock markets 11:35:00 2026-02-06 am EST			5-day change	1st Jan Change
748.50 ^GBX	-0.13%		+1.22%	+1.56%

Feb. 06	Berenberg Expects Further Growth Investment from Phoenix Group; Target Price Up	MT
Feb. 05	Berenberg cuts Fresnillo; Citi cuts Babcock	AN

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Published financial data: PHOENIX GROUP HOLDINGS PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Premiums and Annuity Revenues	3.91B	5.38B	5.37B	4.86B	5.14B
Total Interest And Dividend Income	9B	4.49B	1.95B	3.38B	7.36B
Gain (Loss) on Sale of Investments, Total (Rev)	8.11B	12.35B	-38.68B	11.13B	7.88B
Other Revenues, Total	794M	1B	951M	967M	1.03B
Total Revenues	21.8B	23.22B	-30.4B	20.34B	21.41B
Policy Benefits	18.12B	21.87B	-31.24B	17.56B	19.78B
Policy Acquisition / Underwriting Costs, Total	469M	577M	505M	290M	266M
Amortization of Goodwill and Intangible Assets - (IS)	18M	20M	21M	6M	7M
Selling General & Admin Expenses, Total	1.69B	2.06B	2.41B	1.67B	1.82B
Salaries And Other Employee Benefits	29M	37M	64M	109M	56M
Other Operating Expenses	112M	109M	-492M	100M	196M
Reinsurance Income Or Expense	-219M	22M	427M	-	-
Total Operating Expenses	20.65B	24.64B	-29.16B	19.73B	22.13B
Operating Income	1.15B	-1.42B	-1.25B	606M	-717M
Interest Expense, Total	-234M	-242M	-230M	-258M	-290M
EBT, Excl. Unusual Items	919M	-1.66B	-1.48B	348M	-1.01B
Restructuring Charges	31M	-	-	-	-
Total Merger & Related Restructuring Charges	-	-	-	-4M	-
Impairment of Goodwill	-	-47M	-	-	-
Gain (Loss) on Sale of Assets	-	87M	-	-	-
Asset Writedown	-52M	1.2B	-1.36B	-390M	-100M
Other Unusual Items	372M	-	-	66M	-
EBT, Incl. Unusual Items	1.27B	-430M	-2.84B	20M	-1.11B
Income Tax Expense	436M	279M	-1.08B	108M	-29M
Earnings From Continuing Operations	834M	-709M	-1.76B	-88M	-1.08B
Net Income to Company	834M	-709M	-1.76B	-88M	-1.08B
Minority Interest	-36M	-128M	-67M	-28M	-12M
Net Income - (IS)	798M	-837M	-1.83B	-116M	-1.09B
Preferred Dividend and Other Adjustments	23M	23M	22M	22M	29M
Net Income to Common Incl Extra Items	775M	-860M	-1.85B	-138M	-1.12B
Net Income to Common Excl. Extra Items	775M	-860M	-1.85B	-138M	-1.12B
Per Share Items
Net EPS - Basic	0.92	-0.86	-1.85	-0.14	-1.12
Basic EPS - Continuing Operations	0.92	-0.86	-1.85	-0.14	-1.12
Basic Weighted Average Shares Outstanding	844M	998M	999M	1B	1B
Net EPS - Diluted	0.92	-0.86	-1.85	-0.14	-1.12
Diluted EPS - Continuing Operations	0.92	-0.86	-1.85	-0.14	-1.12
Diluted Weighted Average Shares Outstanding	846M	998M	999M	1B	1B
Normalized Basic EPS	0.64	-1.17	-0.99	0.19	-0.64
Normalized Diluted EPS	0.64	-1.17	-0.99	0.19	-0.64
Dividend Per Share	0.48	0.49	0.51	0.53	0.54
Payout Ratio	54.14	-61.05	-28.7	-473.28	-51.56
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.19B	-1.4B	-1.22B	625M	-698M
EBITA	1.17B	-1.4B	-1.23B	612M	-711M
EBIT	1.15B	-1.42B	-1.25B	606M	-717M
EBITDAR	1.19B	-	-	-	-
Total Revenues (As Reported)	22.22B	24.54B	31.75B	-	-
Effective Tax Rate - (Ratio)	34.33	-64.88	37.96	540	2.62
Current Foreign Taxes	-	-	-	-	-
Total Current Taxes	361M	39M	98M	122M	128M
Deferred Domestic Taxes	-	-	-	-	-
Deferred Foreign Taxes	-	-	-	-	-
Total Deferred Taxes	75M	240M	-1.18B	-14M	-157M
Normalized Net Income	538M	-1.17B	-990M	190M	-641M
Interest on Long-Term Debt	240M	242M	230M	258M	290M
Non-Cash Pension Expense	36M	43M	90M	137M	-1.02B
Supplemental Operating Expense Items
Marketing Expenses	58M	-	-	-	-
Selling and Marketing Expenses	58M	-	-	-	-
General and Administrative Expenses	1.63B	2.06B	2.41B	1.67B	1.82B
Net Rental Expense, Total	1M	-	-	-	-
Imputed Operating Lease Interest Expense	528K	-	-	-	-
Imputed Operating Lease Depreciation	472K	-	-	-	-
Stock-Based Comp., Other (Total)	13M	14M	16M	22M	26M
Total Stock-Based Compensation	13M	14M	16M	22M	26M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Investment In Debt Securities	106B	105B	79.18B	88.89B	-
Investment In Equity and Preferred Securities, Total	83.03B	87.41B	77.07B	87.98B	96.36B
Trading Asset Securities, Total	6.88B	4.57B	4.07B	2.77B	2.6B
Real Estate Owned	7.13B	5.28B	3.73B	3.7B	4.37B
Mortgage Loans	3.48B	-	3.93B	4.49B	4.8B
Total Other Investments	89.25B	86B	75.39B	78.91B	166B
Total investments	296B	288B	243B	267B	274B
Cash And Equivalents	414M	9.11B	242M	174M	198M
Reinsurance Recoverable - (IS)	19.24B	18.64B	15.29B	14.55B	14.45B
Other Receivables - (Insurance Template)	1.94B	1.7B	1.64B	1.59B	1.73B
Deferred Policy Acquisition Costs - (BS)	5.09B	4.43B	3.97B	1.92B	1.74B
Gross Property Plant And Equipment	167M	184M	195M	199M	204M
Accumulated Depreciation	-48M	-54M	-70M	-93M	-113M
Net Property Plant And Equipment	119M	130M	125M	106M	91M
Goodwill	57M	10M	10M	10M	10M
Other Intangibles, Total	171M	232M	211M	106M	128M
Restricted Cash	11.19B	958M	12.3B	8.72B	11.25B
Other Current Assets, Total	343M	10.32B	7.64B	5.03B	3.5B
Deferred Tax Assets Long-Term (Collected)	-	-	158M	143M	146M
Other Long-Term Assets, Total	11M	248M	219M	230M	218M
Total Assets	334B	334B	285B	299B	308B
Liabilities
Accrued Expenses, Total	459M	525M	512M	572M	566M
Insurance And Annuity Liabilities	137B	133B	105B	116B	116B
Reinsurance Payable - (BS)	4.21B	3.71B	2.84B	-	-
Current Portion of Long-Term Debt	322M	467M	62M	90M	287M
Current Portion of Leases	11M	10M	11M	9M	13M
Long-Term Debt	4.34B	4.26B	8.23B	6.09B	5.94B
Long-Term Leases	73M	89M	81M	65M	51M
Current Income Taxes Payable	-	19M	34M	41M	21M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	174B	180B	158B	169B	180B
Unearned Revenue Non Current	69M	123M	105M	34M	37M
Pension & Other Post Retirement Benefits	2.05B	3.11B	2.52B	2.56B	1.32B
Deferred Tax Liability Non-Current	1.04B	1.4B	660M	257M	198M
Other Non Current Liabilities	2.35B	868M	1.73B	1.15B	1.6B
Total Liabilities	326B	327B	280B	296B	306B
Common Stock, Total	100M	100M	100M	100M	100M
Additional Paid In Capital	4M	6M	10M	16M	16M
Retained Earnings	4.97B	3.78B	2.09B	469M	375M
Comprehensive Income and Other	2.46B	2.43B	2.45B	2.4B	1.22B
Total Common Equity	7.53B	6.31B	4.66B	2.99B	1.71B
Minority Interest	341M	460M	532M	549M	539M
Total Equity	7.87B	6.77B	5.19B	3.54B	2.25B
Total Liabilities And Equity	334B	334B	285B	299B	308B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	998M	998M	998M	999M	998M
ECS Total Common Shares Outstanding	998M	998M	998M	999M	998M
Book Value / Share	7.54	6.32	4.66	2.99	1.22
Tangible Book Value	7.3B	6.07B	4.43B	2.87B	1.57B
Tangible Book Value Per Share	7.32	6.08	4.44	2.88	1.08
Total Debt	4.75B	4.83B	8.38B	6.25B	6.29B
Net Debt	4.34B	-4.29B	8.14B	6.08B	6.09B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.83B	2.73B	2.29B	2.32B	1.28B
Debt Equivalent Oper. Leases	8M	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	341M	460M	532M	549M	539M
Equity Method Investments, Total	400M	431M	329M	349M	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	54M	59M	65M	75M	82M
Full Time Employees	7.65K	8.04K	6.8K	7.76K	6.98K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	798M	-837M	-1.83B	-116M	-1.09B
Depreciation, Depletion & Amortization	28M	18M	19M	23M	21M
Amortization of Goodwill and Intangible Assets - (CF)	18M	20M	21M	6M	6M
Total Depreciation, Depletion & Amortization	46M	38M	40M	29M	27M
Amortization of Deferred Charges, Total	-	-	-	-	1M
(Gain) Loss On Sale of Asset - (CF)	-	-93M	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-10.89B	-9.44B	45.2B	-11.04B	-7.88B
Total Asset Writedown	52M	-1.15B	1.36B	362M	100M
Deferred Policy Acquisition Costs - (CF)	-	-	-	-	-
Amort. Of Deferred Policy Acq. Costs - (CF)	469M	577M	505M	318M	266M
Stock-Based Compensation (CF)	13M	14M	16M	22M	26M
Reinsurance Recoverable - (CF)	708M	-227M	3.45B	-1.44B	37M
Change in insurance Reserves / Liabilities	6.37B	6.25B	-44.73B	17.65B	13.24B
Change in Other Net Operating Assets (Collected)	9.38B	3.38B	-2.46B	-6.9B	-1.61B
Other Operating Activities	-190M	467M	-690M	248M	256M
Cash from Operations	6.75B	-1.02B	866M	-863M	3.37B
Cash Acquisitions	-979M	-	-	-20M	-
Divestitures	-	304M	-	-	-
Purchase / Sale of Intangible Assets	-	-	-	-	-29M
Cash from Investing	-979M	304M	-	-20M	-29M
Long-Term Debt Issued, Total	1.44B	17M	61M	410M	475M
Total Debt Issued	1.44B	17M	61M	410M	475M
Long-Term Debt Repaid, Total	-73M	-356M	-496M	-422M	-750M
Total Debt Repaid	-73M	-356M	-496M	-422M	-750M
Issuance of Common Stock	2M	2M	4M	6M	-
Common Dividends Paid	-432M	-511M	-525M	-549M	-562M
Common & Preferred Stock Dividends Paid	-432M	-511M	-525M	-549M	-562M
Other Financing Activities, Total	-185M	-246M	-226M	-214M	-240M
Cash from Financing	757M	-1.09B	-1.18B	-769M	-1.08B
Miscellaneous Cash Flow Adjustments	-	-76M	-33M	-52M	-33M
Net Change in Cash	6.53B	-1.89B	-349M	-1.7B	2.23B
Supplemental Items
Cash Interest Paid	176M	237M	216M	203M	218M
Cash Income Tax Paid (Refund)	562M	149M	153M	93M	177M
Net Debt Issued / Repaid	1.37B	-339M	-435M	-12M	-275M
Levered Free Cash Flow	40.31B	2.81B	-18.54B	20.04B	9.6B
Unlevered Free Cash Flow	40.46B	2.96B	-18.4B	20.2B	9.78B
Change In Net Working Capital	-39.21B	-3.22B	18.18B	-19.45B	-9.94B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	0.25	-0.27	-0.25	0.13	-0.15
Return on Total Capital	7.01	-7.35	-6.19	3.38	-4.82
Return On Equity %	12.39	-9.69	-29.47	-2.26	-35.75
Return on Common Equity	12.1	-12.43	-33.76	-4.12	-45.28
Margin Analysis
Gross Profit Margin %	14.77	3.35	-1.09	12.25	6.39
SG&A Margin	7.88	9.01	-8.14	8.75	8.79
EBITDA Margin %	5.44	-6.01	4	3.07	-3.26
EBITA Margin %	5.37	-6.04	4.03	3.01	-3.32
EBIT Margin %	5.29	-6.13	4.1	2.98	-3.35
Income From Continuing Operations Margin %	3.82	-3.05	5.8	-0.43	-5.04
Net Income Margin %	3.66	-3.6	6.02	-0.57	-5.09
Net Avail. For Common Margin %	3.55	-3.7	6.09	-0.68	-5.23
Normalized Net Income Margin	2.47	-5.03	3.26	0.93	-3
Levered Free Cash Flow Margin	184.89	12.09	60.99	98.52	44.84
Unlevered Free Cash Flow Margin	185.56	12.74	60.52	99.32	45.69
Asset Turnover
Asset Turnover	0.08	0.07	-0.1	0.07	0.07
Fixed Assets Turnover	191.27	186.51	-238.46	176.07	217.35
Receivables Turnover (Average Receivables)	174.39	120.3	107.66	-	-
Short Term Liquidity
Current Ratio	0.2	0.23	0.25	0.19	0.19
Quick Ratio	0.04	0.08	0.04	0.03	0.02
Operating Cash Flow to Current Liabilities	0.03	-0.01	0.01	-0.01	0.02
Days Sales Outstanding (Average Receivables)	2.1	3.03	3.39	-	-
Average Days Payable Outstanding	395.02	318.85	-28.5	-	-
Long Term Solvency
Total Debt/Equity	60.33	71.3	161.58	176.72	280.1
Total Debt / Total Capital	37.63	41.62	61.77	63.86	73.69
LT Debt/Equity	56.1	64.25	160.17	173.92	266.74
Long-Term Debt / Total Capital	34.99	37.51	61.23	62.85	70.18
Total Liabilities / Total Assets	97.65	97.97	98.18	98.82	99.27
EBIT / Interest Expense	4.93	-5.88	-5.42	2.35	-2.47
EBITDA / Interest Expense	5.12	-5.72	-5.25	2.46	-2.38
(EBITDA - Capex) / Interest Expense	5.12	-5.72	-5.25	2.46	-2.38
Total Debt / EBITDA	3.96	-3.48	-6.94	9.85	-9.12
Net Debt / EBITDA	3.62	3.09	-6.74	9.57	-8.83
Total Debt / (EBITDA - Capex)	3.96	-3.48	-6.94	9.85	-9.12
Net Debt / (EBITDA - Capex)	3.62	3.09	-6.74	9.57	-8.83
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-25.18	6.49	-230.94	-332.17	5.67
Gross Profit, 1 Yr. Growth %	23.85	-75.87	-57.4	-270.38	-49.8
EBITDA, 1 Yr. Growth %	57.43	-217.52	-12.83	-125.38	-180.88
EBITA, 1 Yr. Growth %	56.76	-219.81	-12.62	-124.75	-183.65
EBIT, 1 Yr. Growth %	58.6	-223.42	-12.37	-124.45	-184.95
Earnings From Cont. Operations, 1 Yr. Growth %	618.97	-185.01	148.52	-96.69	-1.38K
Net Income, 1 Yr. Growth %	838.82	-204.89	118.52	-95.74	-2.05K
Normalized Net Income, 1 Yr. Growth %	67.13	-317.07	-15.27	-110.77	-289.62
Diluted EPS Before Extra, 1 Yr. Growth %	963.95	-194.43	114.45	-94.98	-3.49K
Net Property, Plant and Equip., 1 Yr. Growth %	9.17	9.24	-3.85	-15.2	-14.15
Accounts Receivable, 1 Yr. Growth %	74.07	-25.53	-5.71	-	-
Total Assets, 1 Yr. Growth %	37.77	-0.16	-14.57	6.5	2.83
Common Equity, 1 Yr. Growth %	42.66	-16.23	-26.22	-19.3	-47.25
Tangible Book Value, 1 Yr. Growth %	45.1	-16.92	-26.92	-19.79	-49.71
Cash From Operations, 1 Yr. Growth %	9.83K	-115.1	-184.9	-199.65	-490.73
Levered Free Cash Flow, 1 Yr. Growth %	368.17	-93.04	-8.45	-191.45	-51.92
Unlevered Free Cash Flow, 1 Yr. Growth %	364.4	-92.69	-8.48	-192.8	-51.41
Dividend Per Share, 1 Yr. Growth %	1.5	2.95	3.89	3.64	2.56
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	77.9	-10.74	18.08	-6.42	56.34
Gross Profit, 2 Yr. CAGR %	67.11	-45.33	-67.94	79.05	-3.3
EBITDA, 2 Yr. CAGR %	86.57	36.02	1.21	-33.07	-46.77
EBITA, 2 Yr. CAGR %	85.86	37.05	2.32	-33.95	-46.38
EBIT, 2 Yr. CAGR %	89.52	39.91	4	-34.74	-46.22
Earnings From Cont. Operations, 2 Yr. CAGR %	42.62	147.23	45.35	-64.77	-36.3
Net Income, 2 Yr. CAGR %	45.1	213.8	51.39	-62.77	-36.74
Normalized Net Income, 2 Yr. CAGR %	158.01	90.47	35.61	-59.73	-39.64
Diluted EPS Before Extra, 2 Yr. CAGR %	17.21	216.96	42.3	-60.03	-36.23
Net Property, Plant and Equip., 2 Yr. CAGR %	57.45	9.21	2.49	-9.7	-14.68
Accounts Receivable, 2 Yr. CAGR %	18.45	13.86	-16.21	-	-
Total Assets, 2 Yr. CAGR %	20.57	17.28	-7.64	-5.31	4.66
Common Equity, 2 Yr. CAGR %	15.4	9.32	-21.38	-31.16	-32.12
Tangible Book Value, 2 Yr. CAGR %	16.41	9.79	-22.08	-31.17	-33.83
Cash From Operations, 2 Yr. CAGR %	337.41	287.3	-64.19	-8.02	97.33
Levered Free Cash Flow, 2 Yr. CAGR %	-33.59	-42.9	-32.17	-0.54	-33.81
Unlevered Free Cash Flow, 2 Yr. CAGR %	-33.5	-41.73	-32.56	0.23	-32.96
Dividend Per Share, 2 Yr. CAGR %	1.62	2.22	3.42	3.76	3.1
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	52.98	49.93	1.42	-2.3	-2.67
Gross Profit, 3 Yr. CAGR %	61.67	-12.33	-49.69	-8.2	20.72
EBITDA, 3 Yr. CAGR %	97.53	59.93	17.27	-19.25	-20.61
EBITA, 3 Yr. CAGR %	96.64	60.55	17.96	-19.45	-20.27
EBIT, 3 Yr. CAGR %	103.41	64.27	19.7	-19.3	-20.43
Earnings From Cont. Operations, 3 Yr. CAGR %	213.76	20.03	147.66	-52.75	14.99
Net Income, 3 Yr. CAGR %	209.18	30.23	178.14	-47.42	9.2
Normalized Net Income, 3 Yr. CAGR %	456.43	143.57	45.4	-29.39	-18.13
Diluted EPS Before Extra, 3 Yr. CAGR %	137.04	9.06	178.26	-46.77	8.97
Net Property, Plant and Equip., 3 Yr. CAGR %	66.03	39.39	4.67	-3.78	-11.21
Accounts Receivable, 3 Yr. CAGR %	137.69	1.47	6.92	-	-
Total Assets, 3 Yr. CAGR %	58.83	13.22	5.53	-3.62	-2.66
Common Equity, 3 Yr. CAGR %	33.64	3.72	-4.11	-26.5	-35.32
Tangible Book Value, 3 Yr. CAGR %	35.94	4.03	-4.14	-26.72	-36.29
Cash From Operations, 3 Yr. CAGR %	81.96	42.43	133.53	-49.63	48.97
Levered Free Cash Flow, 3 Yr. CAGR %	170.53	-68.68	29.14	-20.79	-22.03
Unlevered Free Cash Flow, 3 Yr. CAGR %	167.3	-68.14	28.3	-20.67	-21.35
Dividend Per Share, 3 Yr. CAGR %	-1.83	2.06	2.77	3.49	3.36
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	110.47	25.95	37.93	24.17	-5.98
Gross Profit, 5 Yr. CAGR %	37.89	7.95	-15.36	16.66	-12.07
EBITDA, 5 Yr. CAGR %	39.21	95.38	51.18	12.88	-1.53
EBITA, 5 Yr. CAGR %	38.84	95.6	51.42	12.54	-0.98
EBIT, 5 Yr. CAGR %	40.31	109.81	55.54	13.55	-0.28
Earnings From Cont. Operations, 5 Yr. CAGR %	27.35	47.95	130.64	-26.49	56.18
Net Income, 5 Yr. CAGR %	31.75	52.64	132.36	-21.08	66.57
Normalized Net Income, 5 Yr. CAGR %	304.04	84.02	216.35	18.57	14.77
Diluted EPS Before Extra, 5 Yr. CAGR %	3.82	20.29	93.27	-27.01	67.03
Net Property, Plant and Equip., 5 Yr. CAGR %	44.33	39.06	36.89	17.17	-3.55
Accounts Receivable, 5 Yr. CAGR %	59.87	44.79	56.64	-	-
Total Assets, 5 Yr. CAGR %	38.96	31.16	27.86	5.41	4.87
Common Equity, 5 Yr. CAGR %	25.34	13.61	8.09	-11.97	-20.21
Tangible Book Value, 5 Yr. CAGR %	27.2	14.61	8.81	-11.81	-20.79
Cash From Operations, 5 Yr. CAGR %	58	-11.67	-5.03	19.58	118.31
Levered Free Cash Flow, 5 Yr. CAGR %	148.96	-23.76	55.55	-26.18	2.2
Unlevered Free Cash Flow, 5 Yr. CAGR %	140.15	-23.07	54.08	-26.08	2.34
Dividend Per Share, 5 Yr. CAGR %	-2.31	0.97	0.24	2.74	2.9