ONE OF the largest providers of life insurance in the UK, the Phoenix Group, yesterday announced record financial results for 2021, taking in £1.7bn.

The firm surpassed its target of £1.5bn in the last 12 months, with its board announcing a new policy dividend increase of three per cent.

Phoenix had a strong performance in terms of its regulatory resilience, with a Solvency II Surplus of more than £5bn, and an increased SCCR (Shareholder Capital Coverage Ratio) of 180 per cent - up from 164 per cent.

"The year 2021 marked a pivotal moment for Phoenix, with £1.2bn of new business from our Open operations more than offsetting the run-off of our Heritage business for the first time", Phoenix Group chief executive officer Andy Briggs commented.

He added the results allowed its board "to recommend our first ever organic dividend increase of three per cent" and a new policy "which sets out our intention to pay a dividend that is sustainable and grows over time."

(c) 2022 City A.M., source Newspaper