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UK's Phoenix posts record cash generation on pension insurance demand

By Reuters

– British insurer Phoenix Group said on Monday cash generation for the year was better-than-expected, helped by growing demand for its pension insurance policies.

Phoenix, which specialises in books of life insurance business, reported a record cash generation of 1.72 billion pounds ($2.24 billion) for the year ended Dec. 31, exceeding its annual target range of 1.5 billion to 1.6 billion pounds.

The company, like other insurers, recovered ground across the board last year after being hit by a pandemic-fuelled slump in business in 2020.

($1 = 0.7681 pounds)