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Insurer assessing options

Phoenix in talks over sale of European business

Standard Life house

Standard Life House: now home to Phoenix group (pic: Terry Murden)

Life insurer Phoenix Group has confirmed it is considering a sale of its European businesses after receiving expressions of interest from a number of potential buyers.

The Edinburgh-headquartered company said there was “no certainty that a transaction will be achieved” but an announcement would be made in due course if appropriate.

Phoenix is an established participant in the European life insurance market, with operations across Ireland, Germany and the UK offshore savings market.

Phoenix bought Standard Life Assurance for £3.28bn two years ago following the merger of Standard Life and asset manager Aberdeen Asset Management in 2017. 

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

In August this year Phoenix restructured the UK business around five divisions to drive pensions growth.

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