Thursday 3 December 2020 7:46 am

Insurer Phoenix reports £1.7bn cash generation

Insurer Phoenix Group has reported a full-year cash generation of £1.7bn, exceeding the top end of its target range and more than doubling from last year.

The life insurer’s reported cash generation compares with £707m it reported in 2019 and a target range of £1.5-£1.6bn.

Read more: Exclusive: Crunch time for insurers on Covid-19 discount decisions

Group CEO Andy Briggs said: “As we execute successfully against our strategy, I am confident that we will continue to deliver cash, resilience and growth, and therefore sustainable cash generation for investors.”

Phoenix said it will set and pursue a 1.5°C aligned science-based emissions reduction target and for its investment portfolios it will aim to reduce the emission intensity to net-zero greenhouse gas emissions by 2050.

Read more: Phoenix posts profit jump in strong annual results

Briggs added: “We also recognise that Phoenix has an important role to play in society and today we are announcing our commitment for our operations to become net-zero carbon by 2025 and for our investment portfolio to do so by 2050.

“Sustainability is at the core of our purpose and reducing our environmental impact will be integral to delivering long-term value for all of our stakeholders.”

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