Insurance service provider Phoenix Group has agreed to sell Ark Life Assurance Company to Irish Life Group for €230m (£197m).
Ark Life is a closed book business which manages heritage savings and protection products in Ireland, and was acquired by Phoenix as part of its acquisition of ReAssure last summer.
In a statement to the City this morning, Phoenix, which still owns Standard Life International DAC, said the deal would simplify its European operations and accelerate the cash release from this business.
It added that it expects to redeploy the funds from the deal into higher return growth opportunities to drive incremental future cash generation.
The deal is expected to complete early next year.
