Phoenix Group scraps protection business sale plans

SunLife decision comes amid protection market 'uncertainty'

Jaskeet Briah
clock • 1 min read

Phoenix Group (Phoenix), the long-term savings and retirement provider, has announced it will discontinue the sale process of its SunLife UK protection business.

The group said this decision comes in response to the "current uncertainty" in the protection market, with a disposal at this stage unlikely to "maximise value for shareholders". Instead, the board will now focus on building on the value SunLife generates within the group. Phoenix described the business as a "valuable asset which contributes to the group's new business growth". Phoenix had announced its intention to sell the business in June 2024 following a strategic review. At the time, the group said SunLife was no longer core to the delivery of its vision of becoming the UK's l...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Protection

Are we talking enough about protection and succession planning?

Are we talking enough about protection and succession planning?

Why are more IHT liabilities for gifts not being protected?

Naomi Greatorex
clock 30 September 2024 • 4 min read
Income protection: Getting the advice process right

Income protection: Getting the advice process right

'Don't be afraid to let your personality shine through'

Jaskeet Briah
clock 25 September 2024 • 4 min read
FCA protection probe: Industry warned against knee-jerk reaction

FCA protection probe: Industry warned against knee-jerk reaction

FCA probe welcomed by industry

Cameron Roberts
clock 28 August 2024 • 3 min read