Phoenix mulls sale of European businesses

Phoenix mulls sale of European businesses

Life insurer Phoenix Group is assessing a sale of its European businesses after it received interest from a number of third parties.

In a statement this morning (November 24), the company said there was "no certainty that a transaction will be achieved” but an announcement would be made in due course if appropriate.

Its European businesses, known as Phoenix Europe, cover the life insurance market, with operations across Ireland, Germany and the UK offshore savings market.

Phoenix said this side of the business gave the firm the option to develop its “proven” M&A consolidation and growth strategy internationally.

Earlier this year (August 5), Phoenix restructured its UK business model and created five new divisions to drive growth in its pensions business.

The five divisions form part of its Open business arm, which manufactures and underwrites long-term savings and retirement products, and run alongside its heritage arm and newly acquired ReAssure business.

Phoenix Group bought Standard Life Aberdeen’s insurance arm in August 2018 for £3.28bn.

Standard Life Assurance was put up for sale following the merger of Standard Life and asset manager Aberdeen in 2017. 

As part of the deal Standard Life Aberdeen acquired a shareholding of just under 20 per cent of Phoenix Group.

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