Phoenix Group, a UK-based insurance coverage firm, has introduced its intention to discover the sale of its SunLife division.
The choice comes after a strategic overview, which conceded that “this enterprise is now not core to the supply of its imaginative and prescient of turning into the UK’s main retirement financial savings and revenue enterprise”.
Phoenix mentioned it has begun the “sale course of, having obtained numerous preliminary expressions of curiosity from third events. Nevertheless, there could be no certainty at this stage {that a} disposal will happen.”
In 2016, Phoenix acquired SunLife together with different UK funding, pensions and insurance coverage companies from French firm AXA for £375m (€443.25m).
The transfer into the patron market was additional solidified with the acquisition of the Commonplace Life model in 2021.
SunLife is understood for offering life insurance coverage and monetary safety merchandise to over-50s Britons, together with assured inheritance plans and fairness launch.
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In 2023, SunLife registered a revenue after tax of £16m.
In keeping with CityAM, Phoenix manages greater than £280bn in property and serves 12 million clients.
Its 2023 outcomes highlighted a 13% improve in adjusted working revenue to £617m, attributed to development in its pensions and financial savings enterprise.
The corporate additionally achieved its 2025 money technology goal two years forward of schedule, with a complete money technology of simply over £2bn in 2023, surpassing the forecast of round £1.8bn.
In November 2023, Phoenix expanded its funding portfolio by buying a minority fairness stake in enterprise capital investor Antler by its With-Income funds.
This funding is meant to supply With-Income purchasers direct entry to the early-stage market.
