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Phoenix increases 2020 cash generation target range to £1.5bn-£1.6bn

Written by Adam Cadle
06/08/2020

Phoenix Group's acquisition of ReAssure Group has brought an additional £7bn of long-term cash generation and has enabled it to increase its 2020 cash generation target range from £800m-£900m to £1.5bn-£1.6bn

In its half-year results published today, Phoenix Group said it expects to deliver £800m of cost and capital synergies by integrating the ReAssure business, which are in addition to the £1.2bn of synergy benefits it remains on track to deliver from the acquisition of the Standard Life Assurance businesses.

The company's focus on resilience is reflected in a Solvency II surplus of £4bn as at 30 June 2020 compared to £3.1bn as at 31 December 2019.

A group operating profit of £261m in H1 2020 was reported compared to £325m in H1 2019.

Assets under administration of £248bn were recorded, the same value as six months earlier.

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