Business
Ark Life Assurance Sale Completion
Ark Life Assurance Sale Completion.
About this update from Standard Life Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9740Q\n Phoenix Group Holdings PLC\n 01 November 2021\n \n \n \n \n LEI: 2138001P49OLAEU33T68\n \n \n \n \n \n Phoenix Group completes the sale of Ark Life Assurance Company\n \n \n \n \n \n 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.\n \n \n \n \n \n The cash consideration represents 0.91x\n \n 2\n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n -------------------------------------------------------------------------------------------------------------------------------------------------------\n \n \n Enquiries\n \n \n Investors/analysts:\n \n \n \n \n \n Claire Hawkins,\n Director of Corporate Affairs, Phoenix Group\n \n \n +44 (0)20 3735 0575\n \n \n Andrew Downey,\n Investor Relations Director, Phoenix Group\n \n \n +44 (0)20 3735 0160\n \n \n Media:\n \n \n \n \n \n Douglas Campbell\n , Teneo \n \n \n +44 (0)775 313 6628\n \n \n \n Shell\n \n ie Wells\n , \n Corporate Communications Director, Phoenix Group \n \n \n +44 (0)20 373\n 5 0922\n \n \n -------------------------------------------------------------------------------------------------------------------------------------------------------\n \n \n Footnotes\n \n \n 1. \n Exchange rate of GBP/EUR of £1/€1.16\n \n \n 2. \n Price to own funds as at 31 December 2020\n \n \n -------------------------------------------------------------------------------------------------------------------------------------------------------\n \n \n Legal Disclaimers\n \n \n This announcement in relation to Phoenix and its subsidiaries (the \"Group\") contains forward-look...