LONDON (Alliance News) - Insurer Phoenix Group Holdings PLC said Thursday it has exceeded the upper end of its cash generation target and has made significant progress with the transition process for its Standard Life Assurance Ltd acquisition.
Europe's largest life and pensions consolidator also said that it has made two further bulk purchase annuity transactions during the second half, taking total transactions so far in 2018 to GBP800 million.
The company has generated a total GBP1.3 billion in cash in the almost two years since the start of 2017, exceeding the upper end of its cash generation target of GBP1.0 billion to GBP1.2 billion for the period. It has recorded GBP664 million in cash generation so far in 2018, adding to GBP653 million in 2017.
Phoenix Group said it has already recorded GBP400 million of capital synergies on the acquisition of the Standard Life Assurance, against a total GBP440 million capital synergy target announced for the transaction. Phoenix Group completed the reverse takeover of Standard Life Assurance Ltd from Standard Life Aberdeen PLC in August.
Phoenix said it had GBP240 billion in assets under administration as of September 30, stable since December 31 last year.
Shares in Phoenix Group were trading 1.3% higher at 608.50 pence each on Thursday morning.
