Phoenix Group SFCR 2024 shows solvency coverage of 176%

Phoenix Group today published its 2024 Solvency and Financial Condition Report (SFCR), showing a Group Solvency II surplus of £3.5 billion and Own Funds in excess of both SCR and MCR throughout the year. The disclosures sit alongside a shareholder capital coverage range of 140–180% and continued growth in operating cash generation.

SFCR structure and regulatory basis

Phoenix Group prepared the 2024 SFCR as a single Group-wide report under a Prudential Regulation Authority waiver, covering Phoenix Group Holdings plc and eight named UK insurance entities. The report states that it has been prepared in accordance with the relevant requirements of the PRA Rulebook as it applies to Phoenix Group plc and its subsidiaries at 31 December.

Phoenix Group’s results and SFCR documents are available through the results, reports and presentations section of its corporate website.

Solvency II surplus and coverage metrics

As at 31 December 2024, Phoenix Group reported a Solvency II surplus over the Group Solvency Capital Requirement of £3,515 million, compared with £3,859 million a year earlier. The group also reported that the ratio of Eligible Own Funds to the Group SCR stood at 172% at the same date.

Phoenix Group’s Shareholder Capital Coverage Ratio (SCCR) was 172% for full year 2024, compared with 176% for full year 2023. The group stated that this SCCR remains in the top half of its 140–180% operating range.

Capital generation, deployment and cash

Phoenix Group reported recurring capital generation of approximately £0.2 billion in 2024. It stated that this was more than offset by £0.3 billion of debt repayment and £0.3 billion of planned investment into strategic priorities over the year.

Operating cash generation for full year 2024 was £1,403 million, up from £1,146 million for full year 2023. Phoenix Group stated that this represented a 22% increase in operating cash generation year-on-year.

Business performance context

Commenting on the 2024 results, Phoenix Group CEO Andy Briggs said the group made good progress executing its three-year strategy during the year. He stated that Phoenix delivered sustainable and profitable growth in both its Pensions and Savings and Retirement Solutions businesses over 2024.

--- Sources: Pending Research https://www.thephoenixgroup.com/media/arnbi1vc/phoenix-group-solvency-and-financial-condition-report-31-december-2024.pdf https://www.investegate.co.uk/announcement/rns/phoenix-group-holdings--phnx/2024-annual-financial-report/8781258