- Insurance company Phoenix posted a large rise in annual profit after higher premium revenue and lower expenses helped offset fall in investment income.

Pre-tax profit for the year through December jumped to £1.27 billion, up from £351 million year-on-year.

Gross written premium climbed 17% to £4.71 billion and was boosted by the acquisition of ReAssure

Phoenix generated cash of £1.7 billion, above the upper end of its £1.5 billion-to-£1.6 billion target range.

The company declared a 3% rise in its final dividend to 24.1p per share, bringing the full-year payout to 47.5p per share, up 1.5% year-on-year.

'2020 was a landmark year for Phoenix during which we completed the acquisition of ReAssure and became the UK's largest long-term savings and retirement business,' chief executive Andy Briggs said.

'Looking ahead to 2021, we will continue to optimise our in-force Heritage business for cash and resilience, while the recent acquisition of the Standard Life brand will support us in accelerating our open business growth strategy.'

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