REG - Phoenix Grp Hldgs - 2016 Interim Results <Origin Href="QuoteRef">PHNX.L</Origin> - Part 5
25/08/2016 07:07
- Part 5: For the preceding part double click ID:nRSY0803Id
1,600 2,391 4,687 1,191 9,869
Debt securities - gilts 1,418 388 7,212 645 9,663
Debt securities - bonds 5,820 2,080 6,340 758 14,998
Equity securities 183 58 5,470 6,837 12,548
Property investments 135 75 702 309 1,221
Other investments4 759 297 2,143 119 3,318
At 30 June 2016 9,915 5,289 26,554 9,859 51,617
Cash and cash equivalents in Group holding companies 921
Cash and financial assets in other Group companies 309
Financial assets held by the non-controlling interest in consolidated collective investment schemes 6,519
Total Group consolidated assets 59,366
Comprised of:
Investment property 596
Financial assets 54,929
Cash and cash equivalents 5,621
Derivative liabilities (1,780)
59,366
1 Includes assets where shareholders of the life companies bear the investment risk.
2 Includes assets where policyholders bear most of the investment risk.
3 This information is presented on a look through basis to underlying funds where available.
4 Includes equity release mortgages of £331 million, policy loans of £11 million, other loans of £19 million, net
derivative assets of £2,350 million and other investments of £607 million.
31 December 2015
Carrying value Shareholder and non-profit funds Participating supported Participating Unit-linked Total
£m £m non-supported £m £m
£m
Cash and cash equivalents 1,236 2,498 3,921 1,065 8,720
Debt securities - gilts 1,262 818 7,275 602 9,957
Debt securities - bonds 5,203 1,380 6,263 724 13,570
Equity securities 186 62 5,231 7,294 12,773
Property investments 140 74 821 336 1,371
Other investments1 266 (31) 767 (1) 1,001
At 31 December 2015 8,293 4,801 24,278 10,020 47,392
Cash and cash equivalents in Group holding companies 706
Cash and financial assets in other Group companies 328
Financial assets held by the non-controlling interest in the consolidated UKCPT 838
Financial assets held by the non-controlling interest in consolidated collective investment schemes 5,473
Total Group consolidated assets 54,737
Comprised of:
Investment property 1,942
Financial assets 50,066
Cash and cash equivalents 3,940
Assets held for sale 149
Derivative liabilities (1,360)
54,737
1 Includes equity release mortgages of £268 million, policy loans of £11 million, other loans of £15 million, net
derivative assets of £139 million and other investments of £568 million.
The following table analyses by type the debt securities of the life companies:
30 June 2016
Analysis by type of debt securities Shareholder and non-profit funds Participating supported Participating non-supported Unit-linked Total
£m £m £m £m £m
Gilts 1,418 388 7,212 645 9,663
Other government and supranational2 832 562 2,322 306 4,022
Corporate - financial institutions 2,061 517 1,942 173 4,693
Corporate - other 2,355 296 1,514 232 4,397
Asset backed securities ('ABS') 572 705 562 47 1,886
At 30 June 2016 7,238 2,468 13,552 1,403 24,661
2 Includes debt issued by governments; public and statutory bodies; government backed institutions and supranationals.
31 December 2015
Analysis by type of debt securities Shareholder and non-profit funds Participating supported Participating Unit-linked Total
£m £m non-supported £m £m
£m
Gilts 1,262 818 7,275 602 9,957
Other government and supranational 713 673 2,058 88 3,532
Corporate - financial institutions 1,859 367 1,588 153 3,967
Corporate - other 2,079 164 2,121 441 4,805
Asset backed securities ('ABS') 552 176 496 42 1,266
At 31 December 2015 6,465 2,198 13,538 1,326 23,527
The following table sets out a breakdown of the life companies' sovereign and supranational debt security holdings by
country:
30 June 2016
Analysis of sovereign and supranational debt security holdings by country Shareholder and non-profit funds Participating supported Participating non-supported Unit-linked Total
£m £m £m £m £m
UK 1,607 495 7,580 660 10,342
Supranationals 348 157 466 19 990
USA 1 11 19 103 134
Germany 215 104 563 25 907
France 36 44 104 16 200
Netherlands 15 2 110 6 133
Italy - - - 32 32
Spain - - - 9 9
Other - non-Eurozone 28 128 662 76 894
Other - Eurozone - 9 30 5 44
At 30 June 2016 2,250 950 9,534 951 13,685
31 December 2015
Analysis of sovereign and supranational debt security holdings by country Shareholder and non-profit funds Participating supported Participating Unit-linked Total
£m £m non-supported £m £m
£m
UK 1,400 905 7,560 609 10,474
Supranationals 310 195 553 17 1,075
USA 1 12 15 24 52
Germany 211 232 593 14 1,050
France 31 50 64 4 149
Netherlands - - 1 1 2
Italy - - - 5 5
Spain - - - 3 3
Other - non-Eurozone 22 87 511 13 633
Other - Eurozone - 10 36 - 46
At 31 December 2015 1,975 1,491 9,333 690 13,489
The following table sets out a breakdown of the life companies' financial institution corporate debt security holdings by
country:
30 June 2016
Analysis of financial institution corporate debt security holdings by country Shareholder and non-profit funds Participating supported Participating non-supported Unit-linked Total
£m £m £m £m £m
UK 879 77 654 79 1,689
USA 472 61 384 20 937
Germany 34 21 54 1 110
France 65 17 64 3 149
Netherlands 191 50 213 24 478
Italy 8 - 7 - 15
Ireland 2 - - - 2
Spain 1 - 13 - 14
Other - non-Eurozone 386 272 526 45 1,229
Other - Eurozone 23 19 27 1 70
At 30 June 2016 2,061 517 1,942 173 4,693
31 December 2015
Analysis of financial institution corporate debt security holdings by country Shareholder and non-profit funds Participating supported Participating Unit-linked Total
£m £m non-supported £m £m
£m
UK 845 151 566 71 1,633
USA 449 39 298 16 802
Germany 16 18 86 3 123
France 58 - 43 3 104
Netherlands 189 52 238 30 509
Italy 7 - 7 - 14
Ireland 28 1 12 - 41
Spain 3 - 12 - 15
Other - non-Eurozone 208 94 272 29 603
Other - Eurozone 56 12 54 1 123
At 31 December 2015 1,859 367 1,588 153 3,967
The following table sets out a breakdown of the life companies' corporate - other debt security holdings by country:
30 June 2016
Analysis of corporate - other debt security holdings by country Shareholder and non-profit funds Participating supported Participating non-supported Unit-linked Total
£m £m £m £m £m
UK 1,220 97 809 123 2,249
USA 338 104 186 29 657
Germany 180 43 141 18 382
France 193 22 122 15 352
Netherlands 43 6 12 4 65
Portugal - - 5 - 5
Italy 59 1 39 7 106
Ireland 4 - 1 5 10
Spain 49 - 23 5 77
Other - non-Eurozone 250 8 156 24 438
Other - Eurozone 19 15 20 2 56
At 30 June 2016 2,355 296 1,514 232 4,397
31 December 2015
Analysis of corporate - other debt security holdings by country Shareholder and non-profit funds Participating supported Participating Unit-linked Total
£m £m non-supported £m £m
£m
UK 1,073 76 1,607 363 3,119
USA 288 33 115 15 451
Germany 142 24 93 15 274
France 173 15 113 20 321
Netherlands 39 - 19 3 61
Italy 56 2 27 3 88
Ireland 1 - 2 2 5
Spain 45 - 24 2 71
Other - non-Eurozone 190 13 77 11 291
Other - Eurozone 72 1 44 7 124
At 31 December 2015 2,079 164 2,121 441 4,805
The following table sets out a breakdown of the life companies' ABS holdings by country:
30 June 2016
Analysis of ABS holdings by country Shareholder and non-profit funds Participating supported Participating non-supported Unit-linked Total
£m £m £m £m £m
UK 515 458 477 44 1,494
USA - 31 4 - 35
Germany - 88 41 - 129
France - 32 - - 32
Netherlands 9 67 21 1 98
Ireland 27 1 12 - 40
Other - non-Eurozone 21 28 7 2 58
At 30 June 2016 572 705 562 47 1,886
31 December 2015
Analysis of ABS holdings by country Shareholder and non-profit funds Participating supported Participating Unit-linked Total
£m £m non-supported £m £m
£m
UK 499 172 399 41 1,111
USA 3 - 4 - 7
Germany - - 28 - 28
France - 1 - - 1
Netherlands 10 - 20 1 31
Italy - - 12 - 12
Spain - - 1 - 1
Other - non-Eurozone 40 - 10 - 50
Other - Eurozone - 3 22 - 25
At 31 December 2015 552 176 496 42 1,266
The following table sets out the credit rating analysis of the debt portfolio:
30 June 2016
Credit rating analysis of debt portfolio Shareholder and non-profit funds Participating supported Participating non-supported Unit-linked Total
£m £m £m £m £m
AAA 843 998 1,564 180 3,585
AA 2,631 995 8,523 713 12,862
A 1,967 390 1,126 170 3,653
BBB 1,677 78 1,719 233 3,707
BB 84 3 177 24 288
B and below - 1 250 5 256
Non-rated 36 3 193 78 310
At 30 June 2016 7,238 2,468 13,552 1,403 24,661
31 December 2015
Credit rating analysis of debt portfolio Shareholder and non-profit funds Participating supported Participating Unit-linked Total
£m £m non-supported £m £m
£m
AAA 746 625 1,740 72 3,183
AA 2,336 1,272 8,443 487 12,538
A 1,618 189 902 84 2,793
BBB 1,635 92 1,751 179 3,657
BB 100 11 205 21 337
B and below 1 - 327 - 328
Non-rated 29 9 170 483 691
At 31 December 2015 6,465 2,198 13,538 1,326 23,527
ADDITIONAL INFORMATION
In this section
Shareholder information 58
Forward-looking statements 59
SHAREHOLDER INFORMATION
ANNUAL GENERAL MEETING
Our Annual General Meeting ('AGM') was held on 11 May 2016 at 12.30pm (BST).
The voting results for our 2016 AGM, including proxy votes and votes withheld are available on our website at
www.thephoenixgroup.com
SHAREHOLDER SERVICES
MANAGING YOUR SHAREHOLDING
Our registrar, Computershare, maintains the Company's register of members. Shareholders may request a hard copy of this
Interim Report from our registrar and if you have any further queries in respect of your shareholding, please contact them
directly using the contact details set out below.
REGISTRAR DETAILS
Computershare Investor Services (Cayman) Limited
Queensway House
Hilgrove Street
St Helier
Jersey, JE1 1ES
Shareholder helpline number: +44 (0) 370 702 0000
Fax number: +44 (0) 370 703 6101
Shareholder helpline email address: info@computershare.co.je
SHARE PRICE
You can access the current share price of Phoenix Group Holdings at www.thephoenixgroup.com
GROUP FINANCIAL CALENDAR FOR 2016
Announcement of unaudited six months' Interim Results 25 August 2016
2016 INTERIM DIVIDEND
Ex-dividend date 8 September 2016
Record date 9 September 2016
Interim 2016 dividend payment date 3 October 2016
2016 ANNUAL RESULTS
Our financial results for the year ended 31 December 2016 will be announced on 20 March 2017.
FORWARD-LOOKING STATEMENTS
The 2016 Interim Report contains, and we 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 and expectations relating to
future financial conditions, performance, results, strategy and/or objectives.
Statements containing the words: 'believes', 'intends', 'will', '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 risk 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 we have 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 and business conditions.
Asset prices.
Market related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets
generally.
The policies and actions of governmental and/or regulatory authorities, including, for example, new government initiatives
related to the financial crisis and ultimate transition to the European Union's 'Solvency II' Directive on the Group's
capital maintenance requirements.
The political, legal and economic effects of the UK's vote to leave the European Union.
The impact of inflation and deflation.
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 future acquisitions or combinations within relevant industries.
Risks associated with arrangements with third parties.
Inability of reinsurers to meet obligations or unavailability of reinsurance coverage.
The impact of changes in capital, solvency 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 and expectations set out in the forward-looking statements within the 2016 Interim Report.
The Group undertakes no obligation to update any of the forward-looking statements contained within the 2016 Interim Report
or any other forward-looking statements it may make or publish.
The 2016 Interim Report has been prepared for the members of the Company and no one else. The Company, its Directors or
agents do not accept or assume responsibility to any other person in connection with this document and any such
responsibility or liability is expressly disclaimed.
Nothing in the 2016 Interim Report is or should be construed as a profit forecast or estimate.
Notes
Online resources
Reducing our environmental impact
In line with our Corporate Responsibility programme, and as part of our desire to reduce our environmental impact, you can
view key information on our website.
Investor relations
Our Investor Relations section includes information such as our most recent news and announcements, results presentations,
annual and interim reports, share-price performance, AGM and EGM information, UK Regulatory Returns and contact
information.
News and updates
To stay up-to-date with Phoenix Group news and other changes to our site's content, you can sign up for email alerts, which
will notify you when content is added.
To sign up visit
www.thephoenixgroup.com/site-services/email-alerts.aspx
Phoenix Group Holdings
Registered address
Phoenix Group Holdings
PO Box 309
Ugland House
Grand Cayman KY1-1104
Cayman Islands
Cayman Islands Registrar of Companies Number 202172
Principal place of business
Phoenix Group Holdings
1st Floor
32 Commercial Street
St Helier JE2 3RU
Jersey
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Phoenix group
See all newsREG - Phoenix Group Hldgs - Result of AGM
AnnouncementREG - Phoenix Group Hldgs - Director/PDMR Shareholding
AnnouncementREG - Phoenix Group Hldgs - Total Voting Rights
AnnouncementREG - Phoenix Group Hldgs - Director/PDMR Shareholding
AnnouncementREG - Phoenix Group Hldgs - Director/PDMR Shareholding
Announcement