The Board of Phoenix Group has revealed its intention to explore the potential sale of its SunLife Limited business.
Following a strategic review, Phoenix has concluded that SunLife is “no longer core” to the delivery of its vision of becoming the UK’s leading retirement savings and income business.
The Board has thus decided to begin a sale process and has reportedly received several initial expressions of interest from third parties.
However, the firm reiterated that there can be no certainty at this stage that a disposal will occur.
SunLife is a leading provider of financial protection products direct to the over 50s market in the UK and reported profit after tax of £16 million in 2023.
If you recall, Phoenix reported robust organic growth in 2023, exceeding expectations and achieving its 2025 growth target two years ahead of schedule.
At the time, the firm announced new business net fund flows of approximately £7 billion, representing an impressive year-on-year increase of around 80%.
One key highlight from its 2023 performance was workplace net fund flows of approximately £4.5 billion, which almost doubled year-on-year.
This growth was driven by the transfer of new scheme assets, including one of the largest workplace schemes tendered in the UK market in recent years.
