Phoenix Group Holdings PLC on Wednesday said it is exploring a potential disposal of its SunLife Ltd business.

Phoenix, the London-based insurer and pensions provider, said it had made the decision following a strategic review.

‘The group has concluded that this business is no longer core to the delivery of its vision of becoming the UK’s leading retirement savings and income business.’

Phoenix said it had 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, it added.

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.

Phoenix bought SunLife UK in 2022 for £248 million.

Shares in Phoenix Group were 0.9% lower at 522.00 pence in London on Wednesday morning.

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