Phoenix Group reckons there are a number of potential acquisition and consolidation opportunities in the UK closed life sector and says it is continuing to review options within the framework of existing commitments to stakeholders.
Having secured an investment grade credit rating in August, the groups third quarter statement published today (22 October) explained it is well positioned to take advantage of these consolidation opportunities.
In September, Phoenix confirmed talks with Cinven-owned Guardian Financial Services as part of a reported £1bn-plus takeover deal.
The interim management release detailed that it is on track to meet both the cash generation target of £200 to £250 million for this year and the long-term cash generation target of £2.8bn between 2014 and 2019.
In its annual results, published in March, Phoenix expressed uncertainty as to whether it would be able to meet the 2015 cash generation target “due to the retention of capital in the life companies in the short term”, however an August update said it was back on track…Read more at FT Adviser