25th Oct 2013 06:49
LONDON (Alliance News) - Phoenix Group Holdings Friday reported 434 million pounds of cash generation in the 9 months to September 30, compared with 299 million pounds last year. The company said that a further 300 million pounds has been generated from the life companies during October, resulting in total year-to-date cash generation of 734 million pounds, that compares with the 2013 target of 650 million pounds to 750 million pounds.
Total group assets under management were 68.7 billion pounds at September 30, of which 21% are now third party assets.
Looking forward, the company said that it is on track to achieve the top end of its 2013 cash generation target range of 650 million pounds to 750 million pounds, and long term cash generation target of 3.5 billion pounds between 2011 and 2016. The Group reiterated its other financial targets of 400 million pounds of incremental MCEV between 2011 and 2014, and gearing of 40% by 2016.
Copyright RTT News/dpa-AFX
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