We raise operating profit forecasts for higher new business profits, after a strong H1, and with the CEO saying at H1 that the intention was to increase capital deployed above previous £100m per annum guidance. BPA profits in any one period are likely to be volatile, and, short-term, cash invested in BPAs would be a strain on cash generation, with payback in later years. Our cash generation forecasts therefore follow closely updated guidance of £1.5-1.6bn for FY20E and £5.9bn FY20E through FY23E, unchanged at H1. The H1 presentation pointed to 20 years of dividend visibility, before new business and management actions. The CEO was clear at H1 that there would be no ‘big reveal’ at the annual strategy update in December. On top of updates on costs and capital, we would expect an update of the ‘wedge’, the interplay between run-off, and new business cash flows. On our raised BPA assumptions, we model a more stable cash position through FY28E, with minimal incremental management actions needed to hold cash flat. Solvency impacted by lower bond yields. The relative weakness at H1 was the updated pro-forma solvency II position, which at 150% is in the lower half of the company’s target range of 140-180%, albeit down only modestly from the (previously undisclosed) 152% at FY19. Longer-dated yields have moved up since H1, and spreads improved further. L&G Part VII transfer should lift the H2 ratio, while cash generation should increase the ratio going forward, even after repaying debt coming due in 2021 and 2022. We leave our 780p target price unchanged, based on a target dividend yield of 6.25%, which would be a small premium to Phoenix’s dividend yield over the last five years, and equates to a c.10% discount to FY21E Own Funds.