Phoenix Group Holdings PLC on Thursday celebrated the early delivery of its mid-term growth target, and said net fund flows almost doubled in its latest year.

The London-based life insurance provider ‘delivered strong organic growth in 2023’, with new business net fund flows rising by around 80% to approximately £7 billion from the £3.9 billion it reported for 2022.

‘This was underpinned by improved performance in the Standard Life-branded Pension & Savings and Retirement Solutions businesses,’ Phoenix Group explained, ‘and is in line with the group’s strategy to deliver a balanced business mix through leveraging its scale in the capital-light fee-based businesses and maintaining a disciplined level of growth in annuities.’

Phoenix said its Workplace business, within Pensions & Savings, delivered approximately £4.5 billion in net fund flows, ‘nearly double’ the prior year’s £2.4 billion. Meanwhile its Retirement solutions business contracted around £6 billion of premiums, up from £4.8 billion.

Phoenix Group said that thanks to this ‘strong performance’ it delivered around £1.5 billion in total new business long-term cash generation last year.

‘This means we have achieved our 2025 new business long-term cash target two years early,’ explained Chief Executive Officer Andy Briggs, ‘reflecting the focus and investment we have put into our growth strategy.’

Total net outflows moreover ‘nearly halved’ in 2023 to approximately £3 billion from £5.7 billion.

Looking ahead, Phoenix Group continues to expect a Solvency II Surplus ‘slightly below’ its £3.9 billion position at June 30, reflecting ‘continued investment’ into its business.

Phoenix Group shares traded 1.7% higher at 513.80 pence on Thursday morning in London.

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