UK’s Phoenix Group sets new long-term cash flow target

23 Mar, 2016 8:52 am

LONDON – Phoenix Group Holdings, Britain’s largest owner of life assurance funds closed to new customers, unveiled a new cash flow target of 2 billion pounds for 2016-2020, factoring in the maturity of a revised bank facility.

The life insurer posted cash generation from operating companies of 225 million pounds ($319 million) in 2015, meeting its target of 200-250 million pounds.

Phoenix Group, which makes money by buying up closed life books and running them more efficiently, said in August that it was on track to achieve cash-generation target of 2.8 billion pounds during 2014-2019.

On the new European capital rules for insurers that came into effect in January, Phoenix said its shareholder capital coverage ratio was 154 percent as at Dec. 31. -Reuters

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