Phoenix Group has halted its plans to sell its SunLife business due to "current uncertainty in the protection market".
The firm explained that it has decided to discontinue the sale process and will instead "focus on enhancing the value it generates within the group".
Back in June, the group released a statement announcing the board’s intention to explore a sale of SunLife Limited.
SunLife is a provider of financial protection products direct to the over 50s market in the UK and reported profit after tax of £16mn in 2023, according to the group.
At the time, it said: “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.”
Elsewhere in the group’s interim results, cash generation increased by 19 per cent in the first half of the year when compared with the same period in 2023.
The results detailed that total operating cash generation reached £647mn during the first six months of 2024.
This represents an increase on the £543mn that was recorded for the first half of 2023.
Phoenix Group attributed this rise to an increased surplus from the group’s growing business and strong delivery of recurring management actions.
Phoenix Group CEO, Andy Briggs, pointed out that these findings correlate with the group’s three-year strategy.
“Phoenix’s vision is to be the UK’s leading retirement savings and income business, and I am pleased with the initial progress we have made in executing our three-year strategy,” he said.
“We have delivered 19 per cent growth in operating cash generation and remitted total cash generation of £950mn in the first half.
“We have generated 3 percentage points of recurring Solvency II capital and our resilient balance sheet has enabled us to repay £250mn of debt and to invest in our business.
“Strong growth in our capital-light pensions and savings business in particular has supported a 15 per cent increase in operating profit.
“I am confident that as we continue to execute on our strategy we are building a growing business that is on track to deliver our financial targets and create shareholder value.”
Additionally, Standard Life chief executive officer, Andy Curran, pointed out that flows into the workplace business are up 83 per cent year-on-year as a result of the investments the group made in its proposition.
“Our master trust in particular is growing strongly and assets exceeded £10bn for the first time earlier this year,” he stated.
“Sponsors and trustees of defined benefit schemes are looking to take advantage of their strong funding position and secure member benefits through bulk purchase annuities and we have a strong pipeline of deals ahead.
“Another major focus for us has been on broadening our retirement offer and in particular creating solutions that provide people with greater certainty of income in retirement.
