REG - Phoenix Grp Hldgs - Phoenix Group Holdings - 2015 Annual Results <Origin Href="QuoteRef">PHNX.L</Origin> - Part 20
23/03/2016 08:18
- Part 20: For the preceding part double click ID:nRSW9668Ss
managers and independent financial advisers
FOS Financial Ombudsman Service - An ombudsman established in 2000, and given statutory powers in 2001 by the Financial Services and Markets Act 2000, to help settle disputes between consumers and UK-based businesses providing financial services
GAR Guaranteed Annuity Rate - A rate available to certain pension policyholders to acquire an annuity at a contractually guaranteed conversion rate
GEARING Gross shareholder debt (gearing basis) as a percentage of the gross MCEV
GROSS MCEV Gross MCEV is the sum of the Group MCEV and the value of the shareholder and hybrid debt as included in the MCEV
GROSS SHAREHOLDER Gross shareholder debt (financial leverage basis) is defined as the sum of the notional face value of shareholder debt and 100% of the face value of the Tier 1 notes
DEBT (FINANCIAL
LEVERAGE BASIS)
GROSS SHAREHOLDER DEBT (GEARING BASIS) Gross shareholder debt (gearing basis) is defined as the sum of the IFRS carrying value of shareholder debt (as disclosed in the Borrowings note in the IFRS financial statements) and 50% of the IFRS carrying value of the Tier 1 Notes given the hybrid nature of that instrument
HMRC Her Majesty's Revenue and Customs
HOLDING COMPANIES Refers to Phoenix Group Holdings, PGH Capital Limited, Phoenix Life Holdings Limited, Pearl Group Holdings (No. 2) Limited, Impala Holdings Limited, Pearl Group Holdings (No. 1) Limited, PGH (TC1) Limited, PGH (TC2) Limited, PGH (MC1) Limited, PGH (MC2) Limited, PGH (LCA) Limited, PGH (LCB) Limited, PGH (LC1) Limited, PGH (LC2) Limited and Pearl Life Holdings Limited
ICA Individual Capital Assessment - A life company's Pillar 2 assessment of its capital requirements to ensure that assets exceed liabilities 99.5% of the time over a 1 year period or (in other words) to be able to withstand a 1 in 200 year event
IFRS International Financial Reporting Standards - Accounting standards, interpretations and the framework adopted by the International Accounting Standards Board
IGD Insurance Groups Directive - The European Directive setting out the current capital adequacy regime for insurance groups as implemented by the PRA
IMC Investment Management Contract - A contract between an investor and an investment manager
INCREMENTAL EMBEDDED VALUE Enhancement of MCEV through management actions
IN-FORCE Long-term business written before the period end and which has not terminated before the period end
INHERITED ESTATE The assets of the long-term with-profit funds less the realistic reserves for non-profit policies written into the non-profit fund, less asset shares aggregated across the with-profit policies and any additional amounts expected at the valuation date to be paid to in-force policyholders in the future in respect of smoothing costs and guarantees
LIBOR London Interbank Offer Rate - The average interbank interest rate at which a selection of banks on the London money market are prepared to lend to one another
LSE London Stock Exchange
LTIP Long-Term Incentive Plan - The part of an executive's remuneration designed to incentivise long-term value for shareholders through an award of shares with vesting contingent on employment and the satisfaction of stretching performance conditions linked to Group strategy
MCEV Market Consistent Embedded Value - A measure of the consolidated value of shareholders' interests calculated using the Group's MCEV methodology as described in the Basis of preparation section of the MCEV supplementary information
MSA Management Services Agreement - Contracts that exist between Phoenix Life and management services companies or between management services companies and their outsource partners
NET SHAREHOLDER DEBT Shareholder debt (including the Tier 1 Notes) less holding company cash and cash equivalents
NON-ECONOMIC ASSUMPTIONS Assumptions related to future levels of mortality, morbidity, persistency and expenses
NON-PROFIT FUND A fund which is not a with-profit fund, where risks and rewards of the fund fall wholly to shareholders
OPEN ENDED INVESTMENT COMPANIES A type of company or a fund in the UK that is structured to invest in other companies with the ability to adjust its investment criteria and fund size
OPERATING COMPANIES Refers to the trading companies within Phoenix Life (which includes Opal Reassurance Limited)
ORIGO An electronic pensions transfer system
PART VII TRANSFER The transfer of insurance policies under Part VII of FSMA 2000. The insurers involved can be in the same corporate group or in different groups. Transfers require the consent of the High Court, which will consider the views of the PRA and FCA and of an Independent Expert
PARTICIPATING BUSINESS See with-profit fund
PERIPHERAL EUROZONE Refers to Portugal, Ireland, Italy, Greece and Spain
PIK Payment-in-kind - Interest on a bond is paid other than in cash, most commonly by increasing the principal
PILLAR 1 EU-directive-based capital requirements as implemented by the PRA for insurance companies. The Pillar 1 surplus is the excess of available capital resources over the regulatory capital resource requirements
PILLAR 2 The PRA's Pillar 2 risk-based capital requirements for insurance companies that have been implemented in the UK. The Pillar 2 surplus is the excess of available capital resources over capital calculated on an economic basis required to ensure entities can meet their liabilities. It is based on a self-assessment methodology called the ICA ('Individual Capital Assessment')
PLHL ICA PLHL ICA is an assessment, on an economic basis, of the capital resources and requirements arising from the obligations and risks which exist outside the Group's life companies
PPFM Principles and Practices of Financial Management - A publicly available document which explains how a company's with-profit business is run. As part of demonstrating that customers are treated fairly, the Board certifies that the PPFM has been complied with
PRA Prudential Regulation Authority - The body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. The PRA and FCA use a Memorandum of Understanding to co-ordinate and carry out their respective responsibilities
PROTECTION POLICY A policy which provides benefits payable on certain events. The benefits may be a single lump sum or a series of payments and may be payable on death, serious illness or sickness
PVFP Present Value of Future Profits - The present value of profits attributable to shareholders arising from the relevant in-force business
SOLVENCY II A new regime for the prudential regulation of European insurance companies that came into force on 1 January 2016
TIER 1 NOTES £500 million Perpetual Reset Capital Securities issued by Pearl Group Holdings (No. 1) Limited. In January 2015, the Group announced the exchange of 99% of the Group's Tier 1 notes for £428 million of new subordinated notes.
TSR Total Shareholder Return - The total return, over a fixed period, to an investor in terms of share price growth and dividends (assuming that dividends paid are re-invested, on the ex-dividend date, in acquiring further shares)
UK CORPORATE GOVERNANCE CODE Standards of good corporate governance practice in the UK relating to issues such as board composition and development, remuneration, accountability, audit and relations with shareholders
UKCPT UK Commercial Property Trust Limited - A property subsidiary of the Group which is domiciled in Guernsey and listed on the London Stock Exchange
UK GAAP Generally Accepted Accounting Principles adopted within the UK
UNIT-LINKED POLICY A policy where the benefits are determined by the investment performance of the underlying assets in the unit-linked fund
VIF The Value of In-Force business in the MCEV - The Present Value of Future Profits ('PVFP') plus the Time Value of Financial Options and Guarantees ('TVFOG') less the Frictional Cost of Required Capital ('COC')
WITH-PROFIT FUND A fund where policyholders are entitled to a share of the profits of the fund. Normally, policyholders receive their share of the profits through bonuses. Also known as a participating fund as policyholders have a participating interest in the with-profit funds and any declared bonuses. Generally, policyholder and shareholder participation in the with-profit funds in the UK is split 90:10
WPICC With-Profit Insurance Capital Component - The WPICC is the amount by which the regulatory surplus exceeds the realistic surplus for with-profit funds
Focus
Our highly focused area of specialisation allows us to recruit the very best and most experienced individuals in the field,
particularly in niche areas such as with-profit funds.
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.
Go online www.thephoenixgroup.com
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.
Go online www.thephoenixgroup.com/investor-relations
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.
Paper information
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Design and production Radley Yeldar
Millions of customers trust Phoenix to manage their funds effectively and communicate clearly and honestly with them.
To honour this trust, we have created a wide-ranging programme to solicit and respond to policyholders' views.
TRUST
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
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