By Lars Mucklejohn Phoenix Group, the UK’s largest long-term savings and retirement business, has revealed that it will explore a possible sale of its Sunlife business. The FTSE 100 firm, which also owns insurer Standard Life, announced on Wednesday that following a strategic review, it had concluded that the unit is “no longer core to the delivery of its vision of becoming the UK’s leading retirement savings and income business”. The firm added that the board has chosen to begin a sale process, having already received “a number of initial expressions of interest” from third parties. Phoenix s…