By Najat Kantouar
Phoenix Group Holdings has upgraded its cash generation target after completing the transfer of Standard Life and Phoenix Life businesses into Phoenix Life.
The consolidator of life insurance and pensions said on Monday that it now expects to deliver 1.8 billion pounds ($2.20 billion) of cash generation this year, up from GBP1.3 billion to GBP1.4 billion previously expected.
This raises the company’s three-year cash generation target to GBP4.5 billion across 2023-2025 from GBP4.1 billion.
“This funds merger enables us to materially upgrade our cash generation targets and creates further balance sheet optionality for the group,” Chief Executive Officer Andy Briggs said.
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