News of the deal, expected to be worth around £550m, was leaked to Sky News with a deal expected to be announced as early as next week.
Phoenix recently agreed to acquire the Standard Life name from Standard Life Aberdeen.
According to Sky News, some of the assets that it now plans to sell were previously part of Standard Life.
Phoenix hinted that it was considering a disposal of its European business in November when it said it had received interest from several third parties.
European Life Group Holding is a privately-owned European insurance group backed by US-based global investment firm Sixth Street.
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