13th Nov 2013 18:10
LONDON (Alliance News) - Phoenix Group Holdings Wednesday said that it has terminated discussions with Swiss Reinsurance Company Ltd., regarding a possible combination of Phoenix and Swiss Reinsurance's UK Admin Reinsurance Business Unit, as neither parties were able to agree on terms of the transaction.
The UK-based company which acquires closed life-insurance businesses said it is still on track to achieve the top end of its 2013 cash generation target of GBP650 million to GBP750 million.
Phoenix said they expect to report its full-year results for the year ending December 31 on March 26, 2014.
Shares in Phoenix closed up 0.1% Wednesday at 779.52 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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