Phoenix Group Holdings
plc
LEI: 2138001P49OLAEU33T68
Phoenix Group to explore the sale of
SunLife
The Board of Phoenix Group Holdings plc
("Phoenix Group" or "the Group") is today announcing its intention
to explore a potential sale of its SunLife Limited ("SunLife")
business.
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.
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. The Board has therefore decided to begin a sale
process, having 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.
A further announcement will be made in due
course as appropriate.
Enquiries
Investors/analysts:
Claire Hawkins, Director of Corporate Affairs and
Investor Relations, Phoenix Group
+44 (0)20 4559 3161
Andrew Downey, Investor Relations Director, Phoenix
Group
+44 (0)20 4559 3145
Media:
Douglas Campbell, Teneo
+44 (0)7753 136 628
Shellie
Wells, Corporate Communications
Director, Phoenix Group
+44 (0)20
4559 3031
Legal Disclaimers
This announcement in relation to
Phoenix Group Holdings plc and its subsidiaries (the 'Group')
contains, and the Group may make other statements (verbal or
otherwise) containing, forward-looking statements and other
financial and/or statistical data about the Group's current plans,
goals, ambitions, outlook, guidance and expectations relating to
future financial condition, performance, results, strategy and/or
objectives.
Statements containing the words:
'believes', 'intends', 'will', 'may', 'should', 'expects', 'plans',
'aims', 'seeks', 'targets', 'continues' and 'anticipates' or other
words of similar meaning are forward looking. Such
forward-looking statements and other financial and/or statistical
data involve risk and uncertainty because they relate to future
events and circumstances that are beyond the Group's control. For
example, certain insurance risk disclosures are dependent on the
Group's choices about assumptions and models, which by their nature
are estimates. As such, actual future gains and losses could differ
materially from those that the Group has estimated.
Other factors which could cause
actual results to differ materially from those estimated by
forward-looking statements include, but are not limited to:
domestic and global economic, political, social, environmental and
business conditions; asset prices; market related risks such as
fluctuations in investment yields, interest rates and exchange
rates, the potential for a sustained low-interest rate or
high-interest rate, environment, and the performance of financial
or credit markets generally; the policies and actions of
governmental and/or regulatory authorities, including, for example,
initiatives related to the financial crisis, the COVID-19 pandemic,
climate change and the effect of the UK's version of the "Solvency
II" regulations on the Group's capital maintenance requirements;
the impact of changing inflation rates (including high inflation)
and/or deflation; the medium and long-term political, legal, social
and economic effects of the COVID-19 pandemic and the UK's exit
from the European Union; the direct and indirect consequences of
the European and global macroeconomic conditions of the
Russia-Ukraine War and related or other geopolitical conflicts;
information technology or data security breaches (including the
Group being subject to cyberattacks); the development of standards
and interpretations including evolving practices in ESG and climate
reporting with regard to the interpretation and application of
accounting; the limitation of climate scenario analysis and the
models that analyse them; lack of transparency and comparability of
climate-related forward-looking methodologies; climate change and a
transition to a low-carbon economy (including the risk that the
Group may not achieve its targets); market competition; changes in
assumptions in pricing and reserving for insurance business
(particularly with regard to mortality and morbidity trends, gender
pricing and lapse rates); the timing, impact and other
uncertainties of proposed or future acquisitions, disposals or
combinations within relevant industries; risks associated with
arrangements with third parties; inability of reinsurers to meet
obligations or unavailability of reinsurance coverage; the impact
of changes in capital, and implementing changes in IFRS 17 or any
other regulatory solvency and/or accounting standards, and tax and
other legislation and regulations in the jurisdictions in which
members of the Group operate.
As a result, the Group's actual
future financial condition, performance and results may differ
materially from the plans, goals, ambitions, outlook, guidance and
expectations set out in the forward-looking statements and other
financial and/or statistical data within this announcement. The
Group undertakes no obligation to update any of the forward-looking
statements or data contained within this announcement or any other
forward-looking statements or data it may make or publish. Nothing
in this announcement constitutes, nor should it be construed as, a
profit forecast or estimate.