Phoenix Group Holdings PLC Internal Model Harmonisation Approval (7533L)
14 Septiembre 2021 - 8:07AM
UK Regulatory
TIDMPHNX
RNS Number : 7533L
Phoenix Group Holdings PLC
14 September 2021
LEI: 2138001P49OLAEU33T68
Phoenix Group's Internal Model Harmonisation application is
approved by the PRA
The Board of Phoenix Group Holdings plc ("the Group") is pleased
to announce that the Prudential Regulation Authority ("PRA") has
approved its application to harmonise its legacy Phoenix and
Standard Life internal models.
This single, more sophisticated harmonised Internal Model will
provide deeper insights into our risk profile which further
strengthens the Group's risk management approach and decision
making, as well as delivering significant capital synergies through
diversification and improved risk modelling.
The harmonised Internal Model will go live effective 30
September 2021 and is currently estimated to increase the Group's
Solvency II ("SII") Surplus by c.GBP0.4 billion. It is expected
that c.GBP0.1 billion of the increased SII Surplus will then emerge
as an acceleration of cash in 2022, after an appropriate period of
operation.
The harmonised Internal Model also delivers a reduced capital
strain for the Group's Bulk Purchase Annuity ("BPA") new business
and unlocks a wider pipeline of future management actions including
the execution of Part VIIs, the delivery of further enhancements to
the Group's credit risk modelling capabilities and the foundation
to bring ReAssure onto the new Internal Model in time. It will also
support the Group in delivering future value accretive M&A.
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Enquiries
Investors/analysts:
Claire Hawkins, Director of Corporate Affairs, Phoenix Group
+44 (0)20 3735 0575
Andrew Downey, Investor Relations Director, Phoenix Group
+44 (0)20 3735 0160
Media:
Douglas Campbell , Teneo
+44 (0)775 313 6628
Shell ie Wells , Corporate Communications Director, Phoenix
Group
+44 (0)20 373 5 0922
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Legal Disclaimers
This announcement in relation to Phoenix and its subsidiaries
(the "Group") contains forward-looking statements about the Group's
current plans, goals and expectations relating to future financial
events, conditions, performance, results, strategy and/or
objectives. Statements containing the words: 'believes', 'intends',
'will', 'expects', 'may', 'should', 'plans', 'aims', 'seeks',
'continues', 'targets' and 'anticipates' or other words of similar
meaning are forward-looking. Such forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances that are beyond the Group's control. As a result,
such future events and 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 in this announcement. The Group undertakes no obligation
to update any of the forward-looking statements contained within
this announcement. References in this announcement to Solvency II
Surplus should be read in conjunction with the relevant footnotes
set out in the 2021 Half Year Results Announcement of 11 August
2021.
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END
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September 14, 2021 09:07 ET (13:07 GMT)
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