LEI: 2138001P49OLAEU33T68
Phoenix Group completes the sale of Ark Life Assurance Company
Phoenix Group Holdings plc ("Phoenix Group" or "the Group") today announces the completion of the sale of Ark Life Assurance Company DAC ("Ark Life") to Irish Life Group Limited ("Irish Life") for a total cash consideration of €230 million (£198 million)1. The transaction was initially announced on 13 July 2021 and all regulatory approvals have now been received.
The cash consideration represents 0.91x2 Solvency II Own Funds and the sale proceeds have been received today upon completion. The transaction is not expected to materially impact Phoenix Group's Solvency or Long-Term Free Cash positions.
This transaction simplifies Phoenix Group's European operations and accelerates the cash release from this business. The Group expects to redeploy the capital into higher return growth opportunities to drive incremental future cash generation.
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Enquiries
Investors/analysts:
Claire Hawkins, Director of Corporate Affairs, Phoenix Group
+44 (0)20 3735 0575
Andrew Downey, Investor Relations Director, Phoenix Group
+44 (0)20 3735 0160
Media:
Douglas Campbell, Teneo
+44 (0)775 313 6628
Shellie Wells, Corporate Communications Director, Phoenix Group
+44 (0)20 3735 0922
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Footnotes
1. Exchange rate of GBP/EUR of £1/€1.16
2. Price to own funds as at 31 December 2020
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Legal Disclaimers
This announcement in relation to Phoenix and its subsidiaries (the "Group") contains forward-looking statements about the Group's current plans, goals and expectations relating to future financial events, conditions, performance, results, strategy and/or objectives. Statements containing the words: 'believes', 'intends', 'will', 'expects', 'may', 'should', 'plans', 'aims', 'seeks', 'continues', 'targets' and 'anticipates' or other words of similar meaning are forward-looking. Such forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the Group's control. As a result, such future events and the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements in this announcement. The Group undertakes no obligation to update any of the forward-looking statements contained within this announcement.
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