- He said he would not sell due to the “current uncertainty in the protection market.”
Phoenix Group revealed it has abandoned plans to sell its SunLife business, while the group also saw a rise in first-half profits.
In a statement, the FTSE 100 insurer said it had decided to cancel any potential sale due to “current uncertainty in the protection market”.
In late June, the savings giant said it was considering selling its SunLife business after deciding it was “no longer” core to its operations.
In a statement, the FTSE 100 insurer said it had decided to cancel any potential sales due to “current uncertainty in the protection market”.
The firm bought the AXA division in 2016, along with the non-platform pensions and investments division of French insurance giant AXA Wealth, as part of a £375m deal.
Founded in 1810, SunLife is a leading provider of financial services including equity release, funeral plans and life insurance to Britons aged 50 and over.
It was the first company in the UK to offer no-medical life insurance and last year made a pre-tax profit of £16m.
The company also posted its first-half results, with adjusted operating profit up 15 percent year-on-year to £360 million.
The firm said this was driven by “profitable growth” in both its pensions and savings division and its retirement solutions business.
It also saw its operating cash generation rise 19 per cent to £647m, which the group attributed to “strong execution of recurring management actions”.
Phoenix also achieved total cash generation of £950m in the period, with the group reiterating its desire to meet the “upper end” of its 2024 target of £1.4-1.5bn.
Phoenix CEO Andy Briggs said he was pleased with the initial progress the company had made in executing its three-year plan.
Phoenix Group Shares fell 2.69 percent to 561 pence in early trading on Monday.
