- Sun Life Financial ( NYSE: SLF ) has agreed to sell SLF of Canada UK Limited to London-based Phoenix Group Holdings ( OTCPK:PNXGF ) for a closing price of £248 million (approximately C$385 million) and will retain its economic interest in UK's payout annuities business.
- Phoenix Group is the UK's largest long-term savings and retirement business with more than 13 million customers and £310 billion of assets under administration.
- Sun Life UK manages life and pension policies and annuity blocks for UK Clients. The company is closed to new sales and has been operating as a run-off business in the life and pension policies segment since 2001.
- The move will also provide further growth opportunities for Sun Life's asset management businesses.
- Sun Life also establishes long-term strategic partnership with UK's largest long-term savings and retirement business.
- Sun Life's asset management companies, MFS and SLC Management, will continue to manage approximately C$9 billion of Sun Life UK's general account upon the close of the sale.
- The deal is expected to close during the first half of 2023.
For further details see:
Sun Life Financial proposes to divest its UK business