Sun Life Financial has completed the sale of Sun Life UK to Phoenix Group.
London-headquartered Phoenix Group is the UK’s largest long-term savings and retirement business with more than 12 million customers and £260bn in assets under administration.
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As a result of the deal, Sun Life UK’s life and pension policies and annuity blocks for UK clients will move to Phoenix Group.
In addition, Sun Life will begin a long-term partnership to become a strategic asset management partner to Phoenix Group. Its asset management firms, MFS and SLC Management, will continue to manage around C$8bn of Sun Life UK’s general account. This, in part, will help Phoenix Group reach its goal of investing $25bn in North American public and private fixed income and alternative investments over the next five years.
“We’re excited to partner with Phoenix Group. A great deal of consideration was taken to find the right buyer and partner for our UK business. Phoenix Group is a purpose-led company with similar values to Sun Life and a strong focus on delivering outcomes for their customers. We’re also pleased about our asset management partnership, which will bring the strength of MFS and SLC Management to Phoenix Group customers,” said Kevin Strain, president and CEO of Sun Life. “Thank you to our UK team for all of their efforts in delivering solid results year-after-year in our life, pension and annuities businesses. We believe Phoenix Group will be a great organization for our UK employees and Clients.”
“This acquisition is highly attractive for Phoenix Group. As the UK’s largest long-term savings and retirement business with a strong track record of UK closed book integrations, we look forward to offering a safe home for Sun Life UK Clients over the long term and enabling them to benefit from our broad range of Standard Life products in our Open division,” continued Andy Briggs, Phoenix Group, CEO.
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By GlobalData“I would like to take this opportunity to welcome the colleagues who will join us from Sun Life UK. We are also pleased to enter into a new, long-term strategic asset management partnership with MFS and SLC Management, Sun Life’s Asset Management businesses. This partnership will complement our existing relationships and further enhance our liquid and illiquid credit capabilities in North America by building on their strong presence in the region.”
