(Reuters) - Insurer Phoenix (L:PHNX) reported a surge in first-half profit as it bought out more British corporate pension schemes, but warned that the money coming into its open book business had been reduced by Brexit-related worries.
The FTSE-100 company, which has boomed by taking over a number of closed pension schemes from UK companies anxious to offload the risk, still reported a 50.5% jump in operating profit to 325 million pounds for the six months ended June 30.
While it reported an 18% drop in cash generation in the first half, Phoenix said it expects to be towards the upper end of its cash generation target of 600-700 million pounds for the year.