Phoenix Group profits climb after Ignis sale

Phoenix Group has reported a boost to profits in the first half of the year, while the sale of Ignis allowed it to pay down its debt.

Operating profits increased to £266m in the first half of the year compared to £186m for the same period last year, latest results show. The closed life fund consolidator said £114m of its profit came from ‘management actions’, this was up from £24m in the previous year. The sale of Ignis Asset Management to Standard Life Investments, which was agreed in March and completed on 1 July, brought in £390m for the business. The results explained a "comprehensive debt refinancing" had been achieved. Adding, the Ignis sale supported a £250m prepayment of bank debt. The transformation o...