Closed life and pension fund consolidator Phoenix Group Holdings plc, owner of the “old” Edinburgh-based Standard Life Assurance, said on Tuesday it agreed to sell Ark Life Assurance Company DAC to Irish Life Group Limited for €230 million in cash.

“This transaction simplifies our European operations and accelerates the cash release from this business,” said Phoenix.

“The group expects to redeploy the capital into higher return growth opportunities to drive incremental future cash generation.

“Phoenix continues to progress a range of management actions to maximise shareholder value from its remaining European business, Standard Life International DAC, which provides strategic optionality to the group over the longer term.”

Ark Life is a closed book business which manages heritage savings and protection products in Ireland, and was acquired by Phoenix as part of the ReAssure acquisition in 2020.

Ark Life contributed £1.8 billion of assets under administration to Phoenix’s Heritage division as at December 31, 2020.