Insurer Phoenix posts profit jump, hikes cash generation target

Insurer Phoenix Group Holdings Plc on Thursday posted an 11% rise in half-year earnings and raised its 2020 cash generation target as it benefited from a flurry of deals with British companies offloading their corporate pension schemes.

Aug 6 (Reuters) - Insurer Phoenix Group Holdings Plc PHNX.L on Thursday posted an 11% rise in half-year earnings and raised its 2020 cash generation target as it benefited from a flurry of deals with British companies offloading their corporate pension schemes.

The FTSE 100-listed company, which has 248 billion pounds in assets under administration, said operating profit climbed to 361 million pounds ($475.62 million) for the six months ended June 30, from 325 million pounds a year earlier.

($1 = 0.7590 pounds)

(Reporting by Muvija M in Bengaluru; Editing by Ramakrishnan M.)

((muvija.m@tr.com; within UK +44 20 7542 1810, outside UK +91 80 6749 3638;))

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