13 November 2013
Termination of discussions
Further to the statement on 12 July 2013 by Phoenix Group Holdings ("Phoenix") regarding its preliminary discussions with Swiss Re Ltd ("Swiss Re") in relation to a possible combination of Phoenix and Swiss Re's UK Admin Re Business Unit ("Admin Re"), Swiss Re and Phoenix today confirm that such discussions have terminated as the parties have been unable to agree the terms on which a mutually acceptable transaction could take place.
As disclosed in its third quarter IMS on 25 October 2013, Phoenix is on track to achieve the top end of its 2013 cash generation target of £650 - £750 million, having already achieved £734 million of cash generation. The Group also reiterates its other financial targets comprising cash generation of £3.5 billion between 2011 and 2016, £400 million of incremental MCEV between 2011 and 2014, and gearing of 40% by the end of 2016. Phoenix reports its Full Year results for the year ending 31 December 2013 on 26 March 2014.
Enquiries
Investors:
Katherine Jones
Head of Investor Relations, Phoenix Group
+44 (0) 20 3735 0914
Media:
Neil Bennett, Maitland
Peter Ogden, Maitland
+ 44 (0) 20 7379 5151
