Gross inflows in Phoenix Group’s workplace pension product increased by £100m year-on-year to £2.5bn in H1 2021, according to its half year report.

Phoenix stated that an increase in momentum occurred as it built its workplace business in the first half of 2021, with several new scheme wins in H1 “providing a platform for future growth”.

Its in-scheme drawdown has been expanded to an additional 1.5 million workplace scheme members.

The firm’s cash generation in H1 2021 more than doubled in comparison to H1 2020, from £433m to £872m, with the sale of Ark Life to Irish Life achieving a consideration of £197m.

This put Phoenix on track to meet its top end of 2021 cash target range of £1.5bn to £1.6bn.

Phoenix’s report also stated that it was on track to reduce Scope one and Scope two emissions for its operations by 20 per cent this year.

Furthermore, the firm has more than doubled its investment in ESG-related illiquid assets year-on-year, from £340m to £788m.

“Phoenix has made further strong progress against our stated priorities of cash, resilience and growth,” commented Phoenix Group CEO, Andy Briggs.

“Our cash generation doubled to £872m, we maintained a highly resilient balance sheet and we delivered 15 per cent growth in new business long-term cash generation to £412m.

“I am also pleased with the strategic progress we made in the period. Our ownership of the Standard Life brand will support our Open growth strategy, while the disposal of Ark Life will maximise value for shareholders and simplify our European operations.

“We remain fully committed to our sustainability agenda which is aligned with our purpose of ‘helping people secure a life of possibilities’. We have made good progress against our sustainability targets, including directing almost £800m of long-term investment into ESG-related projects and we remain well placed to support the UK to build back better and greener.

“We look forward to continuing to execute against our strategic priorities in the second half of the year as we build on our position as the UK’s largest long-term savings and retirement business.”

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