12th May 2016 07:15
LONDON (Alliance News) - Closed-life fund consolidator Phoenix Group Holdings PLC on Thursday said it remains on track to meet its cash generation target for 2016 and sees good opportunities in the market.
The FTSE 250-listed company, which buys pension books closed to new investors, said it is in line to meet its target for GBP350.0 million to GBP450.0 million in cash generation for 2016, having generated GBP130.0 million in the first four months of the year.
Phoenix added it has continued to undertake actions to optimise its capital position under the Solvency II regime and increase the volume of free surplus, money held beyond what is needed to support capital requirements, in its operating companies.
"We remain confident of future opportunities for Phoenix to grow its business through acquisition and continue to believe that the group's specialist operating model positions us to continue to add value for all of our stakeholders," said Chief Executive Clive Bannister.
Phoenix shares were down 0.5% to 849.5 pence Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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