LONDON (ShareCast) - (ShareCast News) - Phoenix Group Holdings says it is on track to meet its 2015 and long term cash generation target.
The FTSE 250 life assurance fund consolidator posted a third quarter update on Thursday.

It noted that it has generated £137m of cash in the nine months to 30 September.

However it was an 83.4% drop from the previous year, due to cash generated from the divestment of Ignis in 2014.

Pension scheme contributions of £52m bolstered the company's performance for the period, which included £40m of contributions to the Pearl pension scheme made during the third quarter.

Phoenix said it is on track to meet its cash generation target for the full year of £200m to £250m.

It also said it will meet its long term target of £2.8bn between 2014 and 2019.

Clive Bannister, group chief executive, is pleased with the results despite recent market volatility.

"As the impact of reforms to the UK life industry become clearer, including the new Solvency II regime, I believe that attractive acquisition opportunities will become available.

"Our leading operational platform and recent investment grade credit rating position Phoenix to continue to generate value for both policyholders and shareholders from future consolidation in our market."

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