Phoenix cash generation grows to £314m by April

PHOENIX Group, the UK’s largest manager of closed life insurance funds, generated £314m of cash from its operations in the four months to the end of April, it said yesterday.

The cash included £14m from Ignis Asset Management and £300m from Phoenix Life, a bundle of life insurance companies including Royal & SunAlliance Life & Pensions and Abbey National’s life business.

The sum was a 16 per cent rise from the £270m made in the same period in 2010, when it saw £9m inflows from Ignis and £261m from its life companies, it said in its interim management statement.

New chief executive Clive Bannister said he was confident the company could deliver its “challenging” target to generate £750-850m in cash by the end of 2011. Phoenix managed £67bn of assets at the end of April.