Phoenix Group will explore a sale of its SunLife business, which sells equity release, over 50s life insurance and inheritance plan products.  

The savings and retirement group, which has over £280bn of assets under administration and around 12 million customers, says SunLife is no longer a key part of its strategy.  

“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,” it says in a stock market statement.    

It adds: “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.”  

SunLife reported a profit after tax of £16m last year.  

The group’s other key brands consist of savings and retirement firm Standard Life, closed book consolidator Phoenix Life and life and pensions consolidator ReAssure.  

It adds that further announcements “will be made in due course as appropriate”.