Phoenix Group profits soar 31%, shares up 8%

Phoenix Group's shares rose 8% to 566p after the company reported a 31% increase in adjusted operating profits, reaching £825 million last year. This exceeded analyst expectations of £734 million. The profit growth was mainly driven by the pensions and savings division, which saw earnings jump by two-thirds to £316 million. Phoenix also achieved its £1.4 billion cash target two years early, prompting an increase in its cash generation target for 2024-2026. Additionally, Phoenix Group announced a 2.6% increase in its final dividend, bringing the total to 54p per share. The company has benefited from the UK bulk annuities market, writing £5.1 billion in premiums last year.