Phoenix Group looks to sell protection operation Sun Life

Following a strategic review, Phoenix Group said Sun Life UK is no longer "core" to its plan to become the UK's leading retirement savings and income business. The Phoenix board said it had started the sale process and had several initial expressions of interest from potential suitors. Sun Life provides protection products direct to the over-50s market in the UK and made a reported profit after tax of £16m last year. The group said there can be no certainty at this stage that a disposal will occur and a further announcement will be made in due course.