Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

Profit jumps at pension buyout specialists Phoenix

Euronews logo
Text size Aa Aa

(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)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.