Aug 23 (Reuters) - Phoenix Group Holdings expects to generate more cash than its originally targeted 1 billion pounds ($1.28 billion) to 1.2 billion pounds for 2017 and 2018, Britain’s largest owner of life assurance funds closed to new customers said on Thursday.
The life insurer said IFRS operating profit rose marginally to 216 million pounds in the six months ended June 30. Analysts had expected IFRS operating profit before financing costs of 172 million pounds, according to company-supplied consensus estimates.
Phoenix also said it completed its first bulk annuity deal for 470 million pounds with the Trustee of the Marks and Spencer Pension Scheme.
$1 = 0.7841 pounds Reporting by Noor Zainab Hussain and Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar