- Acquisition of Sun Life Canada UK
- Looks set to hit capital targets for 2022
The vagaries of investment asset returns explained the big rise in reported pre-tax losses at life insurer Phoenix (PHNX) – IFRS, unfortunately, seems designed to make reported numbers for life insurers very difficult to interpret as insurers must mark-to-market their asset reserves. However, at the operating level the performance was solid from Phoenix and income investors will also relish the steady rise in the dividends seen in these results. The company’s proven ability to generate cash also meant it could easily fund the acquisition of Sun Life of Canada UK.