Phoenix Group Holdings (PHNX.L) reported 410 million pounds of cash generation in the 3 months to 31 March 2013, compared to 6 million pounds last year. Total Holding company cash was 1.199 billion pounds at 31 March 2013. The Group said the strong cash generation in the first quarter was driven largely by the free surplus within the life companies, which benefitted from significant management actions in 2012, including the annuity transfer transaction.
The Group further said, it is on track to meet all financial targets, comprising; operating companies' cash generation of 650 million pounds-750 million pounds in 2013, and 3.5 billion pounds between 2011 and 2016; cumulative incremental MCEV enhancements of 400 million pounds in the period from 2011-2014 and; gearing reduced to 40% by end of 2016.
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