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UK's Phoenix Group reports jump in first-half operating profit
August 21, 2014 / 6:41 AM / in 3 years

UK's Phoenix Group reports jump in first-half operating profit

Aug 21 (Reuters) - Phoenix Group Holdings, whose business model involves buying life insurance funds that are closed to new customers and running them more efficiently, reported a 43 percent rise in first-half operating profit.

Group operating profit rose to 266 million pounds ($441 million) in the six months ended June 30, from 186 million pounds a year earlier.

Phoenix said the operating profit included 114 million pounds from “management actions”, an increase from 24 million pounds on that basis in the same period last year.

The company, formerly known as Pearl Assurance, said it was on track to meet its cash generation target of 500 million-550 million pounds for the year. ($1 = 0.6034 British pounds) (Reporting by Roshni Menon in Bangalore; Editing by Ted Kerr)

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