Sun Life completes sale of its UK business to Phoenix Group

Written by Adam Cadle

03/04/2023

Sun Life has completed the sale of Sun Life UK to Phoenix Group for £248m.

This transaction will see Sun Life UK's life and pension policies and annuity blocks for UK clients move to Phoenix Group. Sun Life UK has been closed to new sales and has been operating as a run-off business in the life and pension policies segment since 2001. Sun Life will retain its economic interest in UK's payout annuities business.

As part of the sale, Sun Life will begin a long-term partnership to become a strategic asset management partner to Phoenix Group. Sun Life's asset management companies, MFS and SLC Management, will continue to manage approximately C$8bn of Sun Life UK's general account.

Phoenix Group has set a goal to invest approximately US$25bn in North American public and private fixed income and alternative investments over the next five years. MFS and SLC Management will be material partners to Phoenix Group in achieving this goal.

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