August 7, 2019 / 6:25 AM / 4 months ago

Profit jumps at pension buyout specialists Phoenix

Aug 7 (Reuters) - Insurer Phoenix 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 ($395.23 million) 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. ($1 = 0.8223 pounds) (Reporting by Muvija M and Noor Zainab Hussain in Bengaluru; editing by Patrick Graham)

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