Phoenix Group in advanced talks to buy Deutsche's Abbey Life

Phoenix Group has confirmed it is evaluating the possibility of acquiring Abbey Life Assurance from Deutsche Bank following reports on Thursday by Bloomberg and Reuters suggesting the two were nearing a deal over the bank's UK insurance business.

“As stated at the time of the interim results on 25 August 2016, Phoenix continues to explore further acquisition opportunities in the UK closed life sector. In this context, Phoenix is in advanced discussions with Deutsche Bank in relation to a possible acquisition of Abbey Life,” the FTSE 250 company said on Friday.

It added that there can be no certainty the discussions will lead to a transaction.