Phoenix Group on track for full-year targets

20th Aug 2015 08:13

(ShareCast News) - Phoenix Group said it remains on track to achieve cash generation targets for the year, although it posted a drop first-half cash generation.The company, which specialises in life funds that are closed to new business, said cash generation came in at £110m, down from £332m in the first half of last year.Still, it said it's on track to achieve cash generation targets of £200m-£250m this year and £2.8bn between 2014 and 2019.Group operating profit was £135m, down from £266m, as the benefits from management actions such as restructuring and risk management dropped to £23m from £114m last year.Phoenix declared an interim dividend of 26.7p per share, in line with the 2014 interim dividend.Chief executive officer Clive Bannister said: "We are in a sound financial position as we transition to Solvency II and I look forward to providing further detail on the progress of our Internal Model application during the remainder of this year."With the investment grade credit rating and continued financial delivery against our targets we are well placed to build on our existing position as the UK's largest specialist consolidator of closed life funds."Phoenix Group also announced on Thursday that it has appointed Henry Staunton as chairman to succeed Sir Howard Davies with effect from 1 September.Staunton is currently chairman of WH Smith and chairman of BrightHouse Group. He is also a Non-Executive Director at Capital & Counties Properties.