" class="no-js "lang="en-US"> Sun Life Completes Sale of Its UK Business - Fintech Finance
Wednesday, May 31, 2023
Inclusive Fintech Forum Leaderboard

Sun Life Completes Sale of Its UK Business

Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced today it has completed the sale of SLF of Canada UK Limited (“Sun Life UK”) to Phoenix Group Holdings plc (“Phoenix Group”) (LSE: PHNX). Headquartered in London, Phoenix Group is the UK’s largest long-term savings and retirement business with more than 12 million customers and £260 billion of assets under administration.

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$8 billion of Sun Life UK’s general account.

Phoenix Group has set a goal to invest approximately US$25 billion 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.

Companies In This Post

  1. MahiMarkets Announces New Whitelabel Options Product, MFX Radar Read more
  2. Aventon Partners with Oyster to Provide Specialized Coverage Wherever Customers Buy Read more
  3. Digital Lending Market to Reach $71.8 Billion, Globally, by 2032 at 19.4% CAGR: Allied Market Research Read more
  4. OKX Earn Launches Conflux Staking Campaign Read more
  5. BYDFi New Affiliate Program Takes the Lead as the Most Competitive Program in the Crypto Industry Read more