Phoenix Group has “discontinued” the Sunlife sale process as the firm reported a solid increase in H1 profit.

The firm said it had stopped the sale due to “current uncertainty in the protection market” and would instead look to “focus on enhancing the value it generates within the group”.

Phoenix bought Sunlife and the rest of French firm AXA’s UK investment, pensions and insurance businesses for £375m back in 2016.

Announcing its latest results, Phoenix Group said adjusted operating profit increased by 15% to £360m, up from £313m last year.

CEO Andy Briggs said he was “pleased with the initial progress” against Phoenix’s three-year plan.

The firm has set an operating cash generation target of £1.4bn for 2026 alongside an adjusted operating profit target of £900m.

“I am confident that as we continue to execute on our strategy we are building a growing business that is on track to deliver our financial targets and create shareholder value,” he said.

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