To simplify its European operations, the Phoenix Group announced the sale of Ark Life Assurance Company DAC to Irish Life Group Limited. The transaction has a total cash amount of € 230 million (approximately £ 197 million) and is payable upon completion by early 2022, subject to antitrust and regulatory approvals. According to a statement by the group, this should not have a material impact on solvency or long-term free cash positions. Announcing the move, Phoenix indicated that the transaction would accelerate the release of cash from the business – and that it is expected to reallocate capital into higher-yielding growth opportunities that can drive additional cash generation. It is also set to drive a number of management actions to maximize shareholder value for the remaining European company, Standard Life International DAC. Ark Life is a closed-loop business that manages Grade I listed and protective products in Ireland. It was originally acquired by Phoenix as part of the ReAssure deal in 2020.
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