25th Oct 2013 07:54
LONDON (Alliance News) - Phoenix Group Holdings PLC, the life assurance and pension fund consolidator, Friday said it is on track to achieve the top end of its 2013 cash generation target after generating GBP434 million of cash in the first nine months of the financial year.
Cash generation, which enables Phoenix to cover dividends and bank interest, was GBP299 million in the corresponding nine months of 2012.
Its cash generation target is to generate between GBP650 and GBP750 million in cash over the financial year.
There was no announcement Friday of a deal to combine Phoenix Group and Swiss Re's UK Admin Re Business Unit.
Phoenix said the talks, which it confirmed back in July, were progressing. If a deal does materialise, Swiss Re would take a minority shareholding in Phoenix Group.
Phoenix Group had GBP68.7 billion in assets under management on 30 September, up from the GBP67.1 billion reported at the half year.
Phoenix Group shares were Friday morning quoted at 810.00 pence, up 4.5%.
By Samuel Agini; [email protected]; @samuelagini
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