Phoenix Group Holdings Cash Flow Statement

Financials in millions GBP. Fiscal year is January - December.

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019 - 2015
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2019 - 2015
Net Income	-602	-1,090	56	-2,724	-837	798	Upgrade
Depreciation & Amortization	28	27	29	25	38	46	Upgrade
Other Amortization	253	267	318	349	577	469	Upgrade
Gain (Loss) on Sale of Assets	-	-	-	-	-93	-	Upgrade
Gain (Loss) on Sale of Investments	-3,469	-7,884	-11,045	45,197	-9,436	-10,891	Upgrade
Stock-Based Compensation	27	26	22	16	14	13	Upgrade
Reinsurance Recoverable	-1,075	37	-1,439	1,553	-227	708	Upgrade
Change in Insurance Reserves / Liabilities	8,270	13,239	17,422	-42,146	6,248	6,374	Upgrade
Change in Other Net Operating Assets	-1,588	-1,606	-6,931	-1,723	3,377	9,375	Upgrade
Other Operating Activities	264	256	343	-1,044	467	-190	Upgrade
Operating Cash Flow	1,337	3,372	-863	866	-1,020	6,754	Upgrade
Operating Cash Flow Growth	-47.36%	-	-	-	-	9832.35%	Upgrade
Purchase / Sale of Intangible Assets	-35	-29	-	-	-	-	Upgrade
Cash Acquisitions	-	-	-20	-	-	-979	Upgrade
Investing Cash Flow	-35	-29	-20	-	304	-979	Upgrade
Long-Term Debt Issued	-	475	410	61	17	1,445	Upgrade
Total Debt Repaid	-300	-750	-422	-496	-356	-73	Upgrade
Net Debt Issued (Repaid)	-203	-275	-12	-435	-339	1,372	Upgrade
Issuance of Common Stock	2	-	6	4	2	2	Upgrade
Common Dividends Paid	-569	-562	-549	-525	-511	-432	Upgrade
Other Financing Activities	-235	-240	-214	-226	-246	-185	Upgrade
Financing Cash Flow	-1,009	-1,077	-769	-1,182	-1,094	757	Upgrade
Miscellaneous Cash Flow Adjustments	-8	-33	-52	-33	-76	-	Upgrade
Net Cash Flow	285	2,233	-1,704	-349	-1,886	6,532	Upgrade
Cash Interest Paid	213	218	203	216	237	176	Upgrade
Cash Income Tax Paid	162	177	93	153	149	562	Upgrade
Levered Free Cash Flow	5,024	9,600	19,966	-21,908	-20,256	40,310	Upgrade
Unlevered Free Cash Flow	5,198	9,781	20,128	-21,764	-20,104	40,457	Upgrade
Change in Working Capital	4,940	11,670	9,052	-42,316	9,398	16,457	Upgrade

Source: S&P Capital IQ. Insurance template. Financial Sources.