London-headquartered life and pensions consolidator Phoenix Group, which is touted as the biggest in Europe, is reportedly looking to focus on its home market by offloading the group’s operations outside of Britain.
Citing people with knowledge of the divestment option, a Bloomberg report said an adviser has been tapped to see whether there would be any takers. Led by group chief executive Andy Briggs, Phoenix has businesses in the UK, Germany, and Ireland.
According to the publication’s sources, the FTSE 100 firm might be able to sell its international businesses with a price tag as high as €650 million (around £577.7 million).
Phoenix, which bought ReAssure Group from Swiss Re in 2019, has not issued a statement as of this writing.