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Phoenix Group scraps plans to sell protection business

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Phoenix Group scraps plans to sell protection business

Phoenix Group has decided to drop its sale of SunLife due to “current uncertainty in the protection market” and instead “will focus on enhancing the value it generates”.

SunLife is a leading provider of financial protection products to direct to the over-50s market in the UK and a “valuable asset that contributes to the Group’s new business”.

The Group made the announcement in its 2024 interim results, published this morning (16 September).

Phoenix originally bought SunLife from AXA in 2016.

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Commenting on the half-year results, Andy Curran, chief executive officer at Standard Life, part of Phoenix Group, said: “Flows into our Workplace business are up 83% year-on-year as a result of the investments we’ve made in our proposition.

“Our Master Trust in particular is growing strongly and assets exceeded £10bn for the first time earlier this year.

“Sponsors and trustees of defined benefit schemes are looking to take advantage of their strong funding position and secure member benefits through Bulk Purchase Annuities, and we have a strong pipeline of deals ahead.

“Another major focus for us has been on broadening our retirement offer and in particular creating solutions that provide people with greater certainty of income in retirement.

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“We were the first new provider to enter the annuity market since pension freedoms and have experienced strong demand from customers since doing so.

“We’ve added further choice since with the addition of a smoothed fund in partnership with Fidelity, and just last week Standard Life launched a fixed-term annuity for those looking for income certainty for a set period of time.”

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CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

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Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



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Bitcoin options markets reduce risk hedges — Are new range highs in sight?

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Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

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Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



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Blockdaemon mulls 2026 IPO: Report

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Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



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SEC asks court for four months to produce documents for Coinbase

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SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

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‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



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