- Life and pensions consolidator Phoenix Group has reported £707m of cash generation in 2019, compared to £664m in 2018, exceeding the upper end of its 2019 cash generation target range of £600m to £700m.

In a trading update, the group announced £440m of incremental long-term cash generation from new business, comprising £205m in the nine months to the end of September 2019 of new 'open' business and £235m from £1.1bn of bulk purchase annuity liabilities contracted year to date.

It has a Solvency II surplus of £3bn as at 30 September 2019, unchanged from 30 June this year.

The group said it remained on track to deliver the £1.2bn total synergy target for the Standard Life Assurance businesses transition, adding that it is 'progressing to plan'.

Group chief executive Clive Bannister said: 'This trading update further reinforces Phoenix's conviction in its business model and its capacity to generate cash, deliver resilience and exploit multiple avenues of growth to deliver long-term sustainable cash generation, not just today but in the years ahead.'

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