Phoenix Group has confirmed it is exploring the potential sale of its SunLife business.

SunLife, which joined Phoenix in 2017, provides financial protection products to the UK’s over-50s market and reported a profit after tax of £16m in 2023.

Across the whole Phoenix business, the group posted an IFRS adjusted operating profit of £617m in 2023.

Following a strategic review, however, Phoenix has concluded that SunLife is “no longer core” to the delivery of its vision and the Phoenix board has now decided to begin a sale process.

In a statement to the London Stock Exchange, Phoenix revealed that it had received “a number of initial expressions of interest” from third parties.

“There can be no certainty at this stage that a disposal will occur,” the group also added.

Phoenix confirmed it would make a further announcement on the sale process in due course.

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