Phoenix Group is looking to sell its protection business Sunlife, having already received some interest.
In an announcement today (June 26), the group released a statement announcing the board’s intention to explore a sale of SunLife Limited.
SunLife is a provider of financial protection products direct to the over 50s market in the UK and reported profit after tax of £16mn in 2023, according to the group.
It said: “Following a strategic review, the group has concluded that this business is no longer core to the delivery of its vision of becoming the UK's leading retirement savings and income business.”
Although the board has received a number of initial expressions of interest from third parties, it has said there is “no certainty” that a sale will occur.
The group said a further announcement will be made in due course “as appropriate”.
alina.khan@ft.com
