News about Andy Briggs

Phoenix Group has kickstarted the search to permanently replace its chief financial officer Rakesh Thakrar, who will step down in 2024 after four years in the role. The FTSE 100 insurance group did not offer a reason for Thakrar's departure but told shareholders he will step down 'at a date to be agreed in 2024'.

The FTSE 100 company informed investors that by 2026, it hoped to post earnings of £900 million and operating cash generation – the cash generated by its subsidiaries – will exceed £1.4 billion.

Phoenix Group claims to have met cash targets two years ahead of schedule, sending the insurance company's shares up. Last year, the FTSE 100 insurance company, which owns SunLife and Standard Life, said it delivered around £1.5 billion in new business long-term cash generation. Phoenix's shares increased 1.82 percent or 9.2p to 514.60p on Thursday, having dropped more than 19% in the last year.

Phoenix's CEO has backed up a warning that Britain's legislative policy could leave the country 'closed for business.' When asked if he agreed with video games manufacturer Activision Blizzard after the UK antitrust watchdog blocked its takeover by Microsoft, Andy Briggs said "there is certainly a danger of that."

The savings behemoth reported a £1.76 billion loss for 2022 after a £709 million loss the previous year as rising yields, inflation, and a widening of credit spreads affected its investment returns. An accounting error that was not related to retirement plans that were not included in buy-ins caused even more losses.

Now is the time to bet on Aviva, Legal & General, and Phoenix, the FTSE 100's insurers. These behemoths, who concentrate on the administration of pension and other investments, have a huge dividend yield in addition to the possibility of expansion. One of the main sources of this growth is set to be a rewrite of laws and regulations that promise to inject fresh energy into the UK markets.

The savings and retirement market maintained that it was on target to earn £1.3 billion to £1.4 billion in cash by 2022, partially because it had avoided much of the recent turmoil impacting the pension market. Unlike many other insurers, the company has no involvement in the liability-driven investment (LDI) market, which has come under severe scrutiny following the'mini-budget' controversy in September.

Due to the cost-of-living crisis, Andy Briggs anticipates a surge of 'unretirement'. According to Briggs, who, in addition to his day job, is the government's senior business champion, persuading people to work longer, but also good for the economy. However, many who can't wait to put their feet up might not get much ice, but he's talking about fulfilling work rather than soul-destroying toil. According to the 'Silver army' over 50s, it could help put the UK plc back to growth. The exodus of over-50s is contributing to an acute labour shortage, which in turn is driving up inflation as employers are compelled to pay higher wages to recruit the employees they need.

The Autumn Statement on Thursday was a mixed bag for Britain's top companies, who were left to consider the impact of recent changes, including the extension of the Energy Price Guarantee, increased R&D expenditure, and tariff hikes on over 100 imported products. However, tax hikes targeting economic growth were disregarded by substantial tax hikes, which would push the UK's tax burden to its highest level in seven decades and threatens discouragement of investment.

Pensioners are expected to bear the brunt of the rise in living costs. Rising energy bills alone, which are forecast to exceed £4,000 per year, would swallow the state pension, which is currently £9,627 per year. In the last 12 months, the number of over-65s referred to food banks has doubled. When Tricia Hamilton (pictured) decided to change direction and become a hat historian, she was teaching in Hong Kong.

Overall, Phoenix has 13 million customers with just under £270 billion in total funds between them. Unlike competitors, Phoenix does not sell general insurance: motorcycles, homes, company, and the like. It is largely based in the United Kingdom. Expanding the company through mergers and organic expansion will ensure that cash generation remains strong and dividend payments continue to rise. Phoenix is a rare commodity in today's markets: a company that is making strides, exacerbating optimism about the future, and seems to be on a course of rising dividends. The shares, which are priced at £6.61, are a buy.

According to Phoenix Group chief executive Andy Briggs (pictured), the UK market currently has around £480 billion in so-called 'closed book' revenues divided among a number of different parties.' Closed books are insurance products that are no longer available, but there are still have current customers paying premiums.

The FTSE 100 insurer revealed that it earned a record £950 million in cash during the first six months of 2022, up from the previous year. It achieved this on the back of a record new client market of £430 million, with the largest contribution coming from its retirement solutions market, which earned six bulk purchase annuity (BPA) contracts.