LONDON (ShareCast) - Phoenix Group expects 2014 cash generation to hit the top-end of targets, with chief executive Clive Bannister saying the closed life and pension fund consolidator is "set to finish the year in a good financial position".
Cash generation for the first nine months of the year stood at £438m, compared with £332m for the same period of 2013.

As such, the company expects full-year cash generation to be at the top-end of its £500m-550m target range.

These forecasts exlcude the £390m of proceeds received from the divestment of Ignis Asset Management completed in July.

Bannister said Phoenix's strong financial performance continued in the third quarter and expressed confidence in its outlook, "having successfully completed a comprehensive debt refinancing in July and achieved our 40% gearing target 18 months ahead of schedule".

The company's long-term cash generation target of £2.8bn between 2014 and 2019 includes the Ignis divestment proceeds.

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