Phoenix Group Holdings plc, owner of Standard Life, has announced its intention to explore a potential sale of its SunLife Limited business.

SunLife is a provider of financial protection products direct to the over 50s market in the UK and reported profit after tax of £16 million in 2023.

“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,” said Phoenix.

“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.

“A further announcement will be made in due course as appropriate.”