StockMarketWire.com - Insurance company Phoenix said it had agreed to sell Ark Life Assurance Company to Irish Life for €230 million (£197 million).

Phoenix said the deal would simplify its European operations and accelerated cash release from the business.

'The group expects to redeploy the capital into higher-return growth opportunities to drive incremental future cash generation,' it said.

The company added that it continued to progress 'a range of management actions' to maximise shareholder value from its remaining European business, Standard Life International.


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