Aug 6 (Reuters) - Insurer Phoenix Group Holdings Plc on Thursday posted an 11% rise in half-year earnings and raised its 2020 cash generation target as it benefited from a flurry of deals with British companies selling their corporate pension schemes.

British companies have been getting rid of their pension obligations from their balance sheet to gain financial flexibility, with such deals hitting a record in 2019.

Phoenix said the value of such corporate pension scheme deals more than doubled to 1.1 billion pounds during the first half.

"The 25 billion pound per annum BPA (Bulk Purchase Annuity) market remains buoyant and the short-term dislocation in pricing due to volatile financial markets has had a favourable effect for insurers," Chief Executive Andy Briggs said in a statement.

"Furthermore with an estimated market size of over 600 billion pounds across the UK, Germany and Ireland, there remains a wealth of consolidation opportunities." The company, which bought the British ReAssure business of Swiss Re in July, said cash generation for the half year surged by nearly 51% to 433 million pounds. It raised its 2020 target to 1.5 billion-1.6 billion pounds from 800 million-900 million pounds.

FTSE 100-listed Phoenix, which has 248 billion pounds in assets under administration, said operating profit climbed to 361 million pounds ($475.62 million) for the six months ended June 30, from 325 million pounds a year earlier.

($1 = 0.7590 pounds) (Reporting by Muvija M in Bengaluru; Editing by Ramakrishnan M.)