Insurer Phoenix's oper profit rises, sells asset management unit

March 26 Wed Mar 26, 2014 3:37am EDT

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March 26 (Reuters) - Specialist life insurer Phoenix Group Holdings reported a 2 percent rise in full-year profit and said it would sell its Ignis Asset Management business to larger rival Standard Life Plc for 390 million pounds.

Group IFRS operating profit rose to 439 million pounds ($724.59 million) in the year ended Dec. 31 from 429 million pounds a year earlier.

Phoenix also said it agreed a long term asset-management alliance with Standard Life Investments as part of the Ignis deal.

The FTSE 250 company makes money by buying European life funds that are closed to new customers and running them more efficiently. ($1 = 0.6059 British Pounds) (Reporting by Roshni Menon and Richa Naidu in Bangalore; Editing by Joyjeet Das)