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Phoenix to divest Dublin-based Ark Life to streamline European operations

By Reuters

– British insurer Phoenix Group said on Tuesday it would sell its Dublin-based Ark Life Assurance to Irish Life Group for 230 million euros ($272.73 million), as it seeks to streamline its European operations.

Ark Life, which manages heritage savings and protection products in Ireland with 1.8 billion pounds in assets under management, came under Phoenix’s ownership as part of its 3.2-billion-pounds ReAssure purchase from Swiss Re last year.

FTSE 100-listed Phoenix said the deal would simplify its European operations and accelerate the cash release from the business, adding it expects to redeploy the capital into higher-return growth options.

Phoenix said last month it was no longer in talks to sell its European businesses, following a Sky News report about a potential sale for around 550 million pounds to European Life Group.

The sale of Ark Life will leave Phoenix’s European operations with Standard Life International, which was brought under Phoenix after it acquired the insurance business of Standard Life Aberdeen, now called abrdn, in 2018.

($1 = 0.8433 euros)