Phoenix Group Halts Sale of SunLife Amid FCA Market Review

The decision comes as the financial services firm cites market uncertainty and aims to enhance SunLife's value within the group.

Phoenix Group has decided to discontinue the sale of its SunLife division due to uncertainty in the protection insurance market.
The decision follows a Financial Conduct Authority (FCA) review into the value of protection insurance products.
SunLife, acquired by Phoenix from AXA in 2016, contributed £16 million in pre-tax profit in 2023.
Phoenix reported a 15% increase in underlying operating profits to £360 million for the first half of 2024.
Phoenix's share price dropped by 2.5% following the announcement, making it the biggest faller on the FTSE 100.