Phoenix Group Holdings Plc (PHNX.L), an insurance company, announced Wednesday its intention to explore a potential sale of its SunLife Limited business, following a strategic review.
SunLife provides financial protection products direct to the over 50s market in the UK and reported profit after tax of 16 million pounds in 2023.
According to the firm, SunLife business is no longer core to the delivery of its vision of becoming the UK's leading retirement savings and income business.
The Board has decided to begin a sale process, and has 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. Phoenix will make a further announcement in due course.
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