Phoenix Group, a UK-based insurance company, has announced its intention to explore the sale of its SunLife division.
The decision comes after a strategic review, which conceded that “this business is no longer core to the delivery of its vision of becoming the UK’s leading retirement savings and income business”.
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Phoenix said it has begun the “sale process, having received a number of initial expressions of interest from third parties. However, there can be no certainty at this stage that a disposal will occur.”
In 2016, Phoenix acquired SunLife along with other UK investment, pensions and insurance businesses from French company AXA for £375m (€443.25m).
The move into the consumer market was further solidified with the acquisition of the Standard Life brand in 2021.
SunLife is known for providing life insurance and financial protection products to over-50s Britons, including guaranteed inheritance plans and equity release.
In 2023, SunLife registered a profit after tax of £16m.
According to CityAM, Phoenix manages more than £280bn in assets and serves 12 million customers.
Its 2023 results highlighted a 13% increase in adjusted operating profit to £617m, attributed to growth in its pensions and savings business.
The company also achieved its 2025 cash generation target two years ahead of schedule, with a total cash generation of just over £2bn in 2023, surpassing the forecast of around £1.8bn.
In November 2023, Phoenix expanded its investment portfolio by acquiring a minority equity stake in venture capital investor Antler through its With-Profits funds.
This investment is intended to provide With-Profits clients direct access to the early-stage market.
