Phoenix Group announces £197m sale of Ark Life to Irish Life

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Phoenix Group has announced the sale of Ark Life Assurance Company to Irish Life. Phoenix Group Holdings plc (Phoenix and, together with its subsidiaries, the Group) today announced that it has entered into an agreement to sell Ark Life Assurance Company DAC (Ark Life) to Irish Life Group Limited (Irish Life) for a total cash consideration of €230m (£197m),  Phoenix said in a statement on theLondon Stock Exchange earlier today, that the transaction "simplifies its European operations" and "accelerates the cash release" from the business. The group expects to redeploy the capital into ...

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