Phoenix soars on solid results

Shares in life insurance group Phoenix closed more than seven per cent higher yesterday as it said the market turmoil caused by the Eurozone crisis had not affected its business. Despite poor stock and bond markets, Phoenix said it had generated £603m cash in the year to the end of September, while its assets under management were almost unchanged since June at £68.3bn. Its chief executive Clive Bannister said the group had “a deep well of expertise” that “enables us to accelerate cash generation”. Phoenix has generated £100m cash since the end of September alone, and is on track to meet its target of £750-800m of cash by the end of the year. It also attracted £1.1bn of new capital to its asset management business Ignis in the period.