Life and pension consolidator Phoenix Group has confirmed it is in advanced discussions to sell its European businesses to an unnamed company.
This comes months after International Adviser reported that Phoenix Group was assessing a range of “strategic options” for the future of the operation.
Phoenix Group said in a statement: “A sale of the European businesses will only be considered if it maximises value for shareholders.
“Discussions are on-going and there can be no certainty that any transaction will be agreed.”
The European business unit which spans Ireland, Germany and the international bond segment in the UK, operates under the Standard Life brand.
Phoenix Group bought the European business after its acquisition of Standard Life Aberdeen’s insurance arm in 2018.