Phoenix Group is exploring a potential sale of its protection business 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.
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
