Life consolidator Phoenix Group appears to be in the process of weighing up a potential sale within its European business.
The company has confirmed recent expressions of interest from third parties within the European life insurance market and says it is “assessing a range of strategic options to maximise value for shareholders.”
Phoenix Europe’s operations stretch across Ireland, Germany and the UK offshore savings market.
Phoenix believes the business offers strategic optionality to develop its M&A consolidation and growth strategy internationally.
The company noted recent press speculation regarding a tentative approach for its German and Irish activities
Phoenix’s European businesses contributed only 6% of operating profit in the past year.
Reports from reports from Bloomberg suggest the company is working with an advisor to help gauge interest in a potential sale.
A deal could potentially see Phoenix walk away with $774 million, according to Bloomberg sources.
Phoenix has stressed how at this point there can be no certainty that a transaction will be achieved and that a further announcement will be made in due course if appropriate.
