November 29, 2018 / 7:16 AM / 12 days ago

UK insurer Phoenix beats cash generation target for 2017, 2018

Nov 29 (Reuters) - British life insurer Phoenix Group Holdings said on Thursday it beat its cash generation target for 2017 and 2018, as companies continue to offload pension schemes.

Phoenix’s cash generation hit 1.3 billion pounds ($1.67 billion) in 2017 and 2018, higher than the 1 billion pounds to 1.2 billion pounds targeted range. The company said it closed two more bulk purchase annuity deals in the second half of this year. ($1 = 0.7796 pounds)

Reporting by Muvija M and Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr

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