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Evolving Our BPA Franchise

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Evolving Our BPA Franchise Evolving our BPA Franchise Justin Grainger Head of BPA, Phoenix Group RBC 2020 Bulk Annuities Seminar 13 May 2020 1 Phoenix’s growth journey continues 2010 2013 2015 2018 Premium Listing on Debt re-terming Investment grade Acquisition of Standard Life London Stock and £250m credit rating from Assurance Limited (“SLAL”) Exchange equity raising Fitch Ratings 2011 2014 2016 2019 £5bn annuity liability Divestment of Ignis Asset Acquisition of AXA Wealth’s Announced acquisition transfer to Guardian Management pension and protection of ReAssure Group plc Assurance businesses and Abbey Life Market capitalisation (£bn) Diversified inforce business 6.0 at 31 Dec 2019 5.0 4.0 3.0 £248bn 2.0 1.0 UK Heritage – 51% UK Open – 38% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Europe – 10% 2 Our Heritage business will grow through new annuity business Our annuity book will continue to grow(1) Phoenix’s approach to BPA is: Focus on value accretion not Selective £20bn volume Allocation of c. £100 million Proportionate of surplus capital in 2019 £10bn Funded from Capital strain funded by own resources surplus capital 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 BPA Vestings Backbook Over 90% of longevity risk Reinsured risk reinsured Provides long-term Incremental to our Annuity business is cash flows to cash generation value accretive support future Appropriate allocation to targets Asset allocation dividends illiquid assets See Appendix VII for footnotes 3 We are at the beginning of our BPA journey Market share Market segmentation Scottish Canada Appetite by transaction size £50m- £100m- £500m- Widows Aviva Life Deferreds <£50m >£2bn £100m £500m £2bn £2.0bn £4.0bn £0.4bn 5% 9% 1% Aviva ● ● ● ● ○ Just £1.2bn Canada Life ● ● ● ○ ○ 3% Just ? ● ● ◐ ○ ○ Rothesay Legal & Life Legal & General General ● ● ● ● ● £16.3bn £10.3bn 37% 23% Phoenix Life ○ ◐ ● ◐ ○ Pension Insurance ◐ ● ● ● ● Corporation PIC Phoenix £7.3bn Rothesay Life 17% Life ○ ○ ◐ ● ● £2.2bn 5% Scottish Widows ○ ● ● ● ○ Source: Hymans Robertson 4 Our BPA franchise is growing to support business strategy We have capitalised on both internal and external opportunities Key stats Over £4 billion of new BPA March 2018 November April 2019 October 2019 business delivered over 3 years £470m 2018 £460m £140m pensioner £160m pensioner pensioner buy- buy-in pensioner buy-in in Our franchise delivers mix of M&S Pension buy-in M&S Pension Aegon UK internal and external buy-ins: Scheme Undisclosed Scheme Scheme Internal £2.3bn | External £1.9bn £485 million of incremental long- March 2019 August November term cash generation from external £1.1bn 2019 2019 BPA transacted over 2018 and October 2018 pensioner and £240m £290m 2019 £170m pensioner deferred buy-in pensioner pensioner buy-in PGL Pension buy-in buy-in Undisclosed Scheme Undisclosed Undisclosed BPA provides c. 1.5x coverage of shareholder dividend 5 BPA offers attractive returns and extends our long-term cash generation 2019 BPA deal economics 2019 activity IRR on each BPA transaction must • Priced 27 transactions exceed hurdle rate of return • 5 BPA deals completed • c. 5% share of £44 billion market • Established participant in market 9% “Capital strain” includes the capital place 2.4x management policy £1,131m £235m 2020 plans Group reimburses Life Co for “capital £98m strain” • c. £100 million capital allocated to external BPA • Supported by illiquid asset sourcing Liabilities Capital strain Cash generation Average payback period (excluding plans capital management policy) of 6-7 • Investing in developing our franchise years 6 Competitive advantages in BPA market and asset origination allow Phoenix to successfully compete in this market and deliver value accretive deals Financial strength and Market leading OSP resilience administration capabilities Success in delivering Prudent management value Appropriate terms for of longevity risk accretive Schemes and customers deals Bespoke Scheme structuring Ability to source and allocate and a solutions focused appropriate assets approach 7 Sourcing high quality assets which match liability duration is a key criteria for success in the BPA market Illustrative asset and liability matching profile 12 10 8 6 4 2 sset and cash(£m) and flows sset liability A - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Years CRE debt Credit ERM Gilts Private placements Liabilities 8 Our Strategic Asset Allocation (“SAA”) for annuities has three key priorities 1 Appropriate duration 2 Credit discipline 3 Diversification at 31 Dec 2019 at 31 Dec 2019 at 31 Dec 2019 16 years 2% 11% 14% 13 years £20bn £20bn 17% 34% AAA AA Average Traded / liquid assets Private placements A rating ERM CRE debt Back book BPA BBB A UK Local Authority Loans Infrastructure Average liability duration Non-rated 9 A diversified illiquid asset portfolio is an integral but proportionate part of our annuity strategic asset allocation Illiquid asset portfolio Illiquid asset credit quality Key messages at 31 Dec 2019 at 31 Dec 2019 £1.3 billion of illiquid asset origination 7% 2% 9% in 2019 delivered £140 million 8% Solvency II benefit 34% 2019 origination diversified by duration £5.3bn £5.3bn and spread with A+ average credit 25% 55% 32% rating Illiquid assets comprise 26% of assets 5% 23% backing annuity business ERM AAA UK Local Authority Loans AA Average Private Placements A rating Target 40% allocation to illiquid assets Commercial Real Estate BBB A+ by originating c. £1 billion p.a. Infrastructure Debt BB 10 2019 was another record-breaking year for BPA Buy-in and buy-out volumes since 2008 Record-breaking deals 44 Pension scheme Deal size Insurer Premiums, £bn Telent £4.7bn Rothesay Life 25 25 Rolls Royce £4.6bn Legal & General 13 12 10 13 8 8 Allied Domecq £3.8bn Rothesay Life 4 4 5 4 Asda £3.8bn Rothesay Life British American £3.4bn Pension Insurance 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2008 Tobacco Corporation Source: LCP, Hymans Robertson UK pension insurance deals jump to record $50 billion Bulk annuity market to quadruple by 2030 in 2019 UK pension schemes have transferred £135bn of liabilities The UK bulk annuity market … has soared to record levels to insurers over the last decade, and this is set to quadruple above 40 billion pounds ($51 billion) in 2019 and is over the next 10 years, Mercer has predicted. expected to stay strong as costs fall The Actuary Reuters 11 Phoenix is well placed to evolve its BPA franchise Strategic priority to deliver selective and proportionate BPA to support long-term cash generation Increased in-house expertise in BPA and illiquid asset sourcing to deliver bespoke products for clients Resilient solvency balance sheet with low volatility to market risks relative to peers Focus on proposition development to widen product offering to include deferred liabilities Optimisation of capital and reinsurance through leverage of specialist teams and strong relationships 12 AppendicesAppendices I I LeverageDiversified ratio £5.3 billion illiquid asset portfolio XIII Total debt exposure by country II II MovementIlliquids assets:in assets Equity under Release administration Mortgage portfolio XIV Credit rating analysis of debt portfolio III III UKOther Open illiquids – movement assets in portfolio AUA by product type XV 2019 Illiquid asset origination IV IV Movements2019 illiquid in holdingasset origination company cash and cash equivalents XVI Illiquid assets: Equity Release Mortgage Portfolio V V ChangeShareholder in Life CompanyCapital Coverage Free Surplus Ratio sensitivities XVII ReAssure pro-forma shareholder own funds VI VI EstimatedShareholder PGH Capital Solvency Coverage II surplus sensitivities and coverage peer ratios comparisons XVIII Corporate structure as at 31 December 2019 VII Estimated shareholder SCR by risk type and PGH own funds XIX Outline of debt structure as at 31 December 2019 tiering XX Footnotes VIII Regulatory Capital Coverage Ratio sensitivities IX Operating profit analysis X UK Heritage business operating profit drivers XI UK Open and Europe businesses operating profit drivers XII Asset mix of Life Companies 13 Appendix I: Diversified £5.3 billion illiquid asset portfolio Equity Release Mortgages £2.9 billion at 31 Dec 2019 UK Local Authority Loans £0.3 billion 7% • Broad regional spread and average LTV • Unsecured but with implicit support of of 34% 8% UK Government • Average AA credit rating • Average A+ credit rating • Loans across 23 different local Private Placements £1.4 billion authorities with exposures ranging from £5.3bn £0.5 million - £85 million • Diverse portfolio of investment grade 25% 55% corporate loans and bonds Infrastructure Debt £0.3 billion • c70% of exposures are secured on assets 5% Commercial Real Estate £0.4 billion • Secured on cash flows from long-term ERM contracts with highly rated counterparties • Structured with robust covenant UK Local Authority Loans protection Private Placements • 62% of portfolio backed by UK Commercial Real Estate Government (directly or indirectly) • c. 75% of portfolio LTV ≤ 50% Infrastructure Debt Classification: Restricted 14 Appendix II: Illiquids assets: Equity Release Mortgage portfolio Credit rating determined through securitisation Key portfolio statistics 2% at 31 Dec 2019 10% Average Average Average AAA time to AA LTV age 27% £2.9bn Current redemption A 61% portfolio BB 34% 77 years 12 years Regional distribution at 31 Dec 2019 Average Average Average South East London time to South
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