Phoenix Share Discussion Threads

[hvs] 24/8/2017 07:12

Cracking set of results with much more to come.

[hvs] 23/8/2017 13:01

U gets what u buyz.

[lauders] 23/8/2017 12:46

Never nice to see jobs go and I hope those affected manage to find a new job soon. I suppose it is all part and parcel of mergers. Cost savings are the norm. See that PHNX have added two news items to their website this month so far:

1) For the over 55s! Not quite there yet.



2) "MyPhoenix" encashment service.



Good luck tomorrow holders. Hoping for positive results and a good dividend. The latter was the main reason I bought in here. Income!

[hvs] 23/8/2017 09:26

Results will be very good.

[speedsgh] 21/8/2017 16:36

Whilst it's quiet...

Phoenix to cut 60 jobs following AXA acquisition -

[lauders] 17/8/2017 05:59

Thank you jonwig. That helps a lot. Cheers!

[jonwig] 17/8/2017 05:39

Lauders - general insurance (ADM) and life insurance (PHNX) both manage large amounts of cash which they pay out in the event of claims. Hence regulators need to know that they have enough cash managed properly - that's your Solvency II.

The similarities don't go much further, though: life insurance and annuities work in a reasonably predictable manner with long-term horizons. General insurance is pretty cut-throat with new entrants trying to cash in on low margins. Check out the "combined ratio" for a useful metric. ADM seems to manage better than most, though I don't know much about it.

edmundshaw is correct: the so-called Ogden discount rate is all to do with stage payments in accident insurance and seems to have been messed up by the government.

[lauders] 17/8/2017 02:25

I thought they were in the same sector edmund? Solvency II is mentioned in their results too, but perhaps I am mistaken. Apologies if so.

[edmundshaw] 16/8/2017 18:36

ADM not really in the same business, surely? I cannot see how the change in the Ogden discount rate is going to affect closed life business!!

[lauders] 16/8/2017 12:28

ADM results today knocked the company's share price back a bit but it is recovering now. No doubt due to some concerns about the dividend yield. Doesn't seem to have dented PHNX too much. Next week we will see what PHNX have to say.

[peterburn] 16/8/2017 09:28

A week tomorrow, 24th August.

[stevenrevell] 16/8/2017 09:16

When is results day ta

[bamboo2] 08/8/2017 09:53

Breaking out of Symmetrical Triangle
Potential turn 23/24 October 2017

[cwa1] 04/8/2017 08:20

FWIW JPMC have upped their target price a few coppers:-

04 Aug 17 JP Morgan Cazenove Overweight 0.00 826.00 837.00 Reiterates

[lauders] 03/8/2017 07:54

Good results from AV. today may help the recent momentum here continue. With luck!

[lauders] 01/8/2017 12:14

Provisional dates are shown on the company's website trogerswinning and doubleorquits.

[doubleorquits] 01/8/2017 11:51

Nothing will be announced until results at end of month but the above outlines perevious dividend data

[trogerswinning] 01/8/2017 11:49

Any idea when the next dividend is due?

[lauders] 27/7/2017 02:48

The latest article from PHNX on their website:

The amazing internet: Phoenix reveals what British adults are getting up to online

* Finding a new partner, dealing with cancer and discovering you are adopted are just some of the life changing benefits of using the internet
*84% of Brits use the internet to manage their finances
*However, 77% of us dread having to use the internet in some way
*British adults spend over 30 hours a week on the internet, though this time falls to 23 hours with the over 55s

[stun12] 25/7/2017 15:51

Upgraded at Fitch, FWIW. Text:

"Fitch Ratings-London-25 July 2017: Fitch Ratings has upgraded Phoenix Life Limited's and Phoenix Life Assurance Limited's Insurer Financial Strength (IFS) Ratings to 'A+' (Strong) from 'A'. They are two of the principal operating life companies of Phoenix Group Holdings (Phoenix). Fitch has also upgraded Phoenix's Long-Term Issuer Default Rating (IDR) to 'A' from 'A-'. The Outlooks are Stable.

Fitch has also upgraded Phoenix's senior notes to 'A-' from 'BBB+' and subordinated notes to 'BBB' from 'BBB-'. A full list of rating actions is below.

The upgrade reflects Fitch's reassessment of Phoenix's capitalisation and leverage to very strong (from strong previously), combined with the group's progress in integrating AXA Wealth Limited and Abbey Life Assurance Company Limited, both acquired in 2016. This progress, and given Phoenix's track record in successfully integrating large portfolios, means the remaining execution risk is low, in Fitch's view.

The ratings also reflect Phoenix's strong debt service capabilities and financial flexibility, earnings and business profile.

KEY RATING DRIVERS
Fitch views Phoenix's capitalisation and leverage as very strong. In the agency's Prism Factor-Based Model (FBM), Phoenix's score remained 'Extremely Strong' based on end-2016 financials. The Solvency II regulatory capital requirement coverage at Phoenix Life Holdings Limited level was 141% at end-2016 (on a pro forma basis including the GBP300 million of Tier 3 notes issued in January 2017; end-2015: 130%).

As the Solvency II ratio is dampened by the restriction of surplus from strong with-profit funds and the PGL staff pension schemes, Phoenix also reports the ratio excluding these effects - "shareholder capital coverage" ratio - which was 171% on a pro forma basis at end-2016 (end-2015: 154%).

Phoenix's Fitch-calculated financial leverage was strong at 29% at end-2016 (end-2015: 31%). This has significantly improved in recent years, having fallen from 50% at end-2012. Fitch expects Phoenix's financial leverage to range between 25% and 30% in the medium term.

Fitch regards Phoenix's debt service capabilities and financial flexibility as strong. This view is supported by Phoenix's strong access to capital markets as evidenced by the issuance in 1H17 of GBP450 million of subordinated Tier 3 notes (GBP300 million plus GBP150 million tap) and USD500 million of subordinated Tier 2 notes, as well as new equity issues of GBP929 million in 2016 to fund acquisitions.

Phoenix's fixed-charge coverage, based on reported operating profit, was good at 3.9x in 2016 (2015: 3.2x), in line with the 2012-2016 average of 3.6x. Based on net operating cash generation, which reflects Solvency II emerging surplus and run-off of capital requirements, fixed-charge coverage was strong at 5.4x in 2016.

Phoenix has reported strong operating profitability in recent years and its Fitch-calculated operating return on assets and equity ratios were stable at 0.5% and 11% in 2016, respectively. Net income has been weaker and more volatile over the past five years due to economic variances.

Phoenix is the largest consolidator of closed life assurance funds in the UK with total assets of GBP75.4 billion (excluding reinsurance assets) at end-2016 and gross written premiums of GBP999 million in 2016. However, as Phoenix's strategy is to acquire run-off portfolios only in the UK, the group's geographical diversification is limited. This exposes Phoenix to any economic and regulatory changes in the UK.

RATING SENSITIVITIES
The ratings could be downgraded if Phoenix's score in Prism FBM falls to low in the 'Very Strong' category or financial leverage exceeds 30% with Fitch expecting it to remain above this level. A downgrade could also be triggered by fixed-charge coverage based on net operating cash generation falling below 4x for a sustained period.

An upgrade of Phoenix's ratings is unlikely, given the group's focus on closed books in the UK and hence the lack of geographical diversification compared with higher-rated peers.

The rating actions are as follows:

Phoenix Group Holdings
Long-Term IDR: upgraded to 'A' from 'A-'; Outlook Stable
Senior unsecured notes' long-term rating upgraded to 'A-' from 'BBB+':
--GBP300 million (outstanding GBP122 million) 5.75% (XS1081768738)
Subordinated notes' long-term rating upgraded to 'BBB' from 'BBB-':
--GBP428 million 6.625% Tier 2 (XS1171593293)
--GBP450 million 4.125% Tier 3 (XS1551285007)
--USD500 million 5.375% Tier 2 (XS1639849204)

Phoenix Life Assurance Limited
Insurer Financial Strength Rating: upgraded to 'A+' from 'A'; Outlook Stable

Phoenix Life Limited
Insurer Financial Strength Rating: upgraded to 'A+' from 'A'; Outlook Stable
"

[speedsgh] 25/7/2017 08:29

Brief mention in Tempus column in today's Times...



...Phoenix Group is generally regarded as an income stock, but it has been at the forefront of consolidation within the insurance industry and is seen as a potential buyer of parts of Standard Life when the merger with Aberdeen Asset Management completes...

[hvs] 19/7/2017 11:26

Why worry about it.

U gets your money in Sept.

And a good rise is share price to come.

HEDGE FUNDS can go and naff off.

[jonwig] 18/7/2017 10:12

hvs - you'd better tell PHNX they have their announcement date wrong.

Last year's interim div was announced 25 Aug, xd 8 Sept, paid 3 Oct.

[hvs] 18/7/2017 10:05

The dividend's usually in October, isn't it?

Do your HOMEWORK.

Barclays have been that for ages. Thats why they sold sold their OWN SHARES TO THE ARABS ON THE CHEAP.

[woodhawk] 18/7/2017 09:57

Thanks, jonwig, even better!