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FINANCIALS: PHNX: SunLife For Sale; Small But Helpful

FINANCIALS

Phoenix Group (PHNXLN: BBB+) stmt out indicating it may sell SunLife. Deal likely to be <5% of PHNX’s market cap so helpful but small. PHNX spreads are high-beta to the €IG insurers and have underperformed in the last month (+32bp vs. peers +18bp).

  • Phoenix is in the midst of a large deleveraging exercise and recently (20-Jun) announced the completion of the initial phase of this. That has focused on capital restructuring and repayments so far.
  • SunLife is an over-50s protection brand in the UK and, after the strategic review, mgmt has come to the conclusion it doesn’t fit with the group’s aim to be a “retirement savings and income” business.
  • SunLife made GBP16m of net profit in 2023 (4.6% of group) so it appears likely this deal would be well under GBP200m, which, against Phoenix’s GBP5.3bn market cap, appears sub-5%.
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