REG - Phoenix Group Hldgs - LIST 2025 Results Show Robust Capital Position

Phoenix groupAnnouncement

24/11/2025 07:10

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RNS Number : 7015I  Phoenix Group Holdings PLC  24 November 2025

 

 Phoenix Group Holdings plc: LIST 2025 Result  24 November 2025

 

LIST 2025 Results Demonstrate Phoenix Group's Robust Capital Position

 

Phoenix Group Holdings plc ("Phoenix Group" or "the Group") notes that the
Prudential Regulation Authority ("PRA") has today published the results of its
first Life Insurance sector Stress Test ("LIST 2025") for individual firm
entities.

Phoenix Group is pleased to report that the LIST 2025 results demonstrate the
Group's robust capital position and the effectiveness of its risk management
framework. In all cases performance under the stress test was as expected, and
the Group remained comfortably within its stated Shareholder Capital Coverage
Ratio ("SCCR") target range of 140 - 180%.

 Solvency Capital Coverage Ratios                                       FY24 Reported  FY24 Post Stress Test  Impact
 PRA published ratio
 Phoenix Life Limited Regulatory Coverage Ratio                         149%           132%                   -17%
 Additional Phoenix Group published ratios
 Phoenix Group Regulatory Coverage Ratio                                151%           137%                   -14%
 Phoenix Group Shareholder Capital Coverage Ratio                       172%           155%                   -17%

 (Excludes Solvency II Own Funds and Solvency Capital Requirements of
 unsupported With-Profit funds and unsupported pension schemes.)
 Note: All figures as at 31 December 2024. Post-LIST scenario figures reflect
 the impact of the PRA's stress scenario as published in 2025.

 ·             The PRA's published results are calculated on a regulatory basis for Phoenix
               Life Limited ("PLL"), which is a material individual entity of Phoenix Group.
               However, Phoenix manages its capital at a Group level,  and uses the
               shareholder basis as its primary reporting metric as it believes this basis
               provides a more representative view of risk exposure to shareholders.
 ·             The PRA's stress test scenario includes falls in interest rates, stresses in
               equities, property price falls, and downgrades and defaults in credit.
 ·             The Group's hedging strategy for interest rate and equity risk minimised the
               impact of the severe stress scenarios on the Group's Shareholder Capital
               Coverage Ratio. Whilst not required, the Group would also have further
               management actions available in such a scenario.
 ·             The stress test indicates that the sector and Phoenix Group is resilient to a
               severe financial market stress scenario.

Enquiries

Investors/analysts:

Claire Hawkins, Director of Corporate Affairs & Brand, Phoenix Group

+44 (0)20 4559 3161

Joanne Roberts, Investor Relations Director, Phoenix Group

+44 (0)20 4559 4673

 

Media:

Tom Blackwell, FTI Consulting

+44 (0)7515 597866

Shellie Wells, Corporate Communications Director, Phoenix Group

+44 (0)20 4559 3031

Disclaimers

This announcement in relation to Phoenix Group Holdings plc and its
subsidiaries (the 'Group') contains, and the Group may make other statements
(verbal or otherwise) containing, forward-looking statements and other
financial and/or statistical data about the Group's current plans, goals,
targets, ambitions, outlook, guidance and expectations relating to future
financial condition, performance, results, strategy and/or objectives.

Statements containing the words: 'believes', 'intends', 'will', 'may',
'should', 'expects', 'plans', 'aims', 'seeks', 'targets', 'continues' and
'anticipates' or other words of similar meaning are forward looking. Such
forward-looking statements and other financial and/or statistical data involve
known and unknown risks and uncertainty because they relate to future events
and circumstances that are beyond the Group's control. For example, certain
insurance risk disclosures are dependent on the Group's choices about
assumptions and models, which by their nature are estimates. As such, actual
future gains and losses could differ materially from those that the Group has
estimated.

Other factors which could cause actual results to differ materially from those
estimated by forward-looking statements include, but are not limited to:
domestic and global economic, political, social, environmental and business
conditions; asset prices; market-related risks such as fluctuations in
investment yields, interest rates and exchange rates, the potential for a
sustained low-interest rate or high interest rate environment, and the
performance of financial or credit markets generally; the regulations,
policies and actions of governmental and/or regulatory authorities including,
for example, climate change and the effect of the UK's version of the
'Solvency II' regulations on the Group's capital maintenance requirements;
developments in the UK's relationship with the European Union; the direct and
indirect consequences of the conflicts in Ukraine and the Middle East for
European and global macroeconomic conditions, and related or other
geopolitical conflicts; political uncertainty and instability including the
rise in protectionist measures; the impact of changing inflation rates
(including high inflation) and/or deflation; information technology (including
Artificial Intelligence) or data security breaches (including the Group being
subject to cyber-attacks); the development of standards and interpretations
including evolving practices in sustainability and climate reporting with
regard to the interpretation and application of accounting; the limitation of
climate scenario analysis and the models that analyse them; lack of
transparency and comparability of climate-related forward-looking
methodologies; climate change and a transition to a low-carbon economy
(including the risk that the Group may not achieve its targets); the Group's
ability along with governments and other stakeholders to measure, manage and
mitigate the impacts of climate change effectively; market competition;
changes in assumptions in pricing and reserving for insurance business
(particularly with regard to mortality and morbidity trends, gender pricing
and lapse rates); the timing, impact and other uncertainties of any
acquisitions, disposals or other strategic transactions; risks associated with
arrangements with third parties; inability of reinsurers to meet obligations
or unavailability of reinsurance coverage; and the impact of changes in
capital, and implementing changes in IFRS 17 or any other regulatory, solvency
and/or accounting standards, and tax and other legislation and regulations in
the jurisdictions in which members of the Group operate.

As a result, the Group's actual future financial condition, performance and
results may differ materially from the plans, goals, targets, ambitions,
outlook, guidance and expectations set out in the forward-looking statements
and other financial and/or statistical data within this announcement. The
information in this announcement does not constitute an offer to sell or an
invitation to buy securities in Phoenix Group Holdings plc or an invitation or
inducement to engage in any other investment activities. The Group undertakes
no obligation to update any of the forward-looking statements or data
contained within this announcement or any other forward-looking statements or
data it may make or publish. Nothing in this announcement constitutes, nor
should it be construed as, a profit forecast or estimate. No representation is
made that any of these statements will come to pass or that any future results
will be achieved. As a result, you are cautioned not to place undue reliance
on such forward-looking statements contained in this announcement.

 

 

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