Phoenix Group predicts it will achieve £1.2bn in new business long-term cash generation for 2022, according to its latest trading statement.
It said it would also likely deliver 2022 cash generation at the top end of its target range of £1.3bn to £1.4bn.
The statement was released ahead of the business's capital markets day later (6 December), at which it said it would outline its progress on building the firm's organic growth and give an update on its future plans.
The statement added Phoenix Group was setting its first incremental new business long-term cash generation target of c.£1.5bn by 2025, which is a c.25% increase on the strong performance in 2022.
Group chief executive Andy Briggs (pictured) said: "It is shaping up to be another outstanding year for Phoenix Group, as we expect to deliver around £1.2bn of new business in 2022. This once again demonstrates that we are a growing, sustainable business.
"I am also pleased that, despite the change in economic conditions seen in the second half of this year, our balance sheet remains as resilient as ever, thanks to our comprehensive hedging approach, and we are on track to deliver 2022 cash generation at the top end of our £1.3bn to £1.4bn target range."
He added: "Alongside optimising our in-force business, and M&A, our organic strategy is to deliver sustainable growth. We will do this through both meeting more of the evolving needs of our existing customers on their journey to and through retirement, and by acquiring new customers, primarily through our trusted Standard Life brand.
"We are confident that this will allow us to achieve our new target of £1.5bn of new business by 2025, which in turn will support future dividend growth."
