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Jan 10 (Reuters) - Phoenix Group Holdings, Britain's largest owner of life assurance funds closed to new customers, posted cash generation from operating companies of 486 million pounds ($590.2 million) in 2016, meeting its target of 350-450 million pounds.
* Phoenix, which bought French insurer AXA's UK investment and pensions business last year, said 117 million pounds in cash was generated from the integration of the acquired business.
* The cash generation target was set in March last year while the AXA deal was announced in May and completed in November. ($1 = 0.8235 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)