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Profit jumps at pension buyout specialists Phoenix

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(Reuters) – Insurer Phoenix <PHNX.L> reported a surge in first-half profit as it bought out more British corporate pension schemes, but warned that the money coming into its open book business had been reduced by Brexit-related worries.

The FTSE-100 company, which has boomed by taking over a number of closed pension schemes from UK companies anxious to offload the risk, still reported a 50.5% jump in operating profit to 325 million pounds for the six months ended June 30.

While it reported an 18% drop in cash generation in the first half, Phoenix said it expects to be towards the upper end of its cash generation target of 600-700 million pounds for the year.

(Reporting by Muvija M and Noor Zainab Hussain in Bengaluru; editing by Patrick Graham)

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