Information required under the Disclosure Guidance & Transparency Rules (‘DTR’)

Information required to be communicated in unedited full text, in accordance with DTR 6.3.5R(1A), is included in the Interim Report.

In accordance with UK Listing Rule 6.4.1, a copy of the Interim Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The document may also be accessed via the Phoenix Group website at: https://www.thephoenixgroup.com/investors/results-reports-and-presentations/

Enquiries

Investors/analysts:

Claire Hawkins, Director of Corporate Affairs & Investor Relations, 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 597 866

Shellie Wells, Corporate Communications Director, Phoenix Group
+44 (0)20 4559 3031

Presentation and webcast details

There will be a live virtual presentation for analysts and investors today starting at 09:30 (BST). You can register for the live webcast at: Phoenix Group 2025 half year results 

A copy of the presentation and a detailed financial supplement will be available at: 
https://www.thephoenixgroup.com/investors/results-reports-and-presentations/

A replay of the presentation and transcript will also be available on our website following the event.

There will also be an additional Q&A event aimed at retail investors, hosted by Andy Briggs, Group CEO, and Nicolaos Nicandrou, Group CFO, following a replay of the Group’s Investor Presentation, via Investor Meet Company on 11 September 2025, starting at 15:30 (BST).

The Investor Meet Company presentation and Q&A is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 10 September 2025, 09:00 (BST), or at any time during the event.

Investors can sign up to Investor Meet Company for free and add to meet Phoenix Group Holdings plc via:
https://www.investormeetcompany.com/phoenix-group-holdings-plc/register-investor

Dividend details 

The declared 2025 Interim dividend of 27.35 pence per share is expected to be paid on 30 October 2025.

The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of 25 September 2025. The record date for eligibility for payment will be 26 September 2025.

Footnotes

1. Operating Cash Generation (‘OCG’) represents the sustainable level of ongoing cash generation from our underlying business operations, that is remitted from our Life Companies to the Group.

2. Total cash generation represents the total cash remitted from the operating entities to the Group, comprising OCG, non-recurring management actions and the release of free surplus above capital requirements in the Life Companies.

3. The Shareholder Capital Coverage Ratio excludes Solvency II Own Funds and Solvency Capital Requirements of unsupported With-Profit funds and unsupported pension schemes.

4. Solvency II leverage ratio calculation = debt (all debt including RT1) / SII regulatory Own Funds. Ratio allows for currency hedges over foreign currency denominated debt.

5. Annuity capital strain on a Post Capital Management Policy basis.

6. The Board will continue to prioritise the sustainability of our dividend over the long term. Future dividends and annual increases will be subject to the discretion of the Board, following assessment of longer-term affordability. At 31 December 2024, distributable reserves at Phoenix Group Holdings plc, the Group’s holding company that pays dividends to shareholders, stood at £5,571 million (FY 2023: £4,632 million), supported by sizeable distributions from its main operating subsidiaries which continue to report under UK GAAP and carry significant distributable reserves. In 2024 the Group’s main operating subsidiaries generated strong UK GAAP net profits after covering hedging, which supported the cash remittances to Group. In the consolidated IFRS financial statements, the Group is targeting a positive pre-hedge post-dividend IFRS net profit contribution to the IFRS shareholders’ equity. The Group accepts the hedge-related volatility that impacts IFRS shareholders’ equity, which is a known consequence of our Solvency II hedging strategy that is designed to protect our cash, capital and dividend. In this overall context and consistent with previous guidance, the Board considers that the Group’s consolidated IFRS shareholders’ equity is not a constraint to the payment of our dividends.

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.