August 24, 2017 / 6:23 AM / 3 months ago

BRIEF-Phoenix Group reports higher first-half cash generation

Aug 24 (Reuters) - PHOENIX GROUP HOLDINGS:

* INTERIM DIVIDEND UP 5 PERCENT TO 25.1 PENCE PER SHARE

* ‍360 MILLION POUNDS OF CASH GENERATION 2 IN H1 2017 (H1 2016: £147 MILLION)​

* ‍TOTAL HOLDING COMPANY CASH OF 691 MILLION POUNDS 2 AS AT 30 JUNE 2017 (£570 MILLION AS AT 31 DECEMBER 2016)​

* ‍REMAINS ON TRACK TO ACHIEVE ITS CASH GENERATION TARGET OF 1.0 BILLION POUNDS - 1.2 BILLION POUNDS BETWEEN 2017 AND 2018​

* ‍REMAINS ON TRACK TO ACHIEVE ITS CASH GENERATION TARGET OF 2.8 BILLION POUNDS BETWEEN 2016 - 2020​

* ‍SOLVENCY II SURPLUS AS CALCULATED AT PHOENIX GROUP HOLDINGS OF 1.7 BILLION POUNDS 3 AS AT 30 JUNE 2017 (£1.1 BILLION AS AT 31 DECEMBER 2016)​

* ‍GROUP OPERATING PROFIT OF 215 MILLION POUNDS IN H1 2017 (H1 2016: 107 MILLION POUNDS)​

* ‍INTERIM DIVIDEND OF 25.1P PER SHARE, A 5 PCT INCREASE ON 2016 FINAL DIVIDEND​

* ‍AXA COST SYNERGIES EXPECTED TO BE 13 MILLION POUNDS TO 15 POUNDS MILLION PER ANNUM, INCREASED FROM ORIGINAL EXPECTATIONS OF 10 MILLION POUNDS OF COST SAVINGS PER ANNUM​

* ‍STRENGTHENED CAPITAL POSITION AND RATING UPGRADE FROM FITCH GIVES CO FINANCIAL FLEXIBILITY TO EXECUTE ADDITIONAL ACQUISITIONS IN FUTURE​

* ‍GIVEN CURRENT CAPACITY IN BULK ANNUITY MARKET, CO INTENDS TO COMPETE SELECTIVELY ON ACCRETIVE TRANSACTIONS TO GENERATE INCREMENTAL VALUE​ Source text for Eikon: Further company coverage:

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