Phoenix Group Holdings PLC (GB:PHNX) has abandoned its plan to sell its SunLife business. The company made this announcement while reporting its H1 results for 2024. The company stated that it will retain its SunLife business and focus on improving its value. In June, Phoenix announced its intention to offload its SunLife business after completing a strategic review of its operations. Following the announcement, Phoenix’s shares declined 3.15% as of writing.
Phoenix Group is a financial services provider that offers insurance, savings, and retirement solutions. Its SunLife division focuses on financial products for individuals aged 50 and older.
Phoenix Reveals First-Half Results
For the first half of 2024, Phoenix’s cash generation increased 19% year-over-year to £647 million. This was mainly driven by a higher surplus from the company’s expanding business and effective execution of ongoing management initiatives.
Meanwhile, the company’s adjusted operating profit rose 15% to £360 million as compared to H1 2023. This was attributed to profitable growth in pensions, savings, and retirement solutions. However, Phoenix revealed a post-tax loss of £646 million, mainly due to negative economic impacts from higher interest rates and global equities.
Additionally, the company increased its interim dividend by 2.5% year-over-year to 26.65p per share.
Is Phoenix a Good Stock to Buy?
According to TipRanks’ consensus, PHNX stock has received a Hold rating based on two Buy and two Sell recommendations. The Phoenix Group share price forecast is 529.65p, which is 5% below the current price level.
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