Toronto-headquartered Sun Life Financial has completed the sale of Sun Life UK – formally known as SLF of Canada UK Limited, which has been operating as a run-off business in the life and pension policies segment since 2001 – to London-based long-term savings and retirement giant Phoenix Group.
First announced last August, the now finalised deal will see the life and pension policies and annuity blocks of Sun Life UK move to Phoenix Group. As previously noted, Sun Life is retaining its economic interest in UK’s payout annuities business.
Meanwhile, as part of the transaction, Sun Life will begin a long-term partnership to become a Phoenix Group strategic asset management partner.
“Sun Life’s asset management companies, MFS and SLC Management, will continue to manage approximately $8 billion of Sun Life UK’s general account,” said Sun Life.
“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.”
Sun Life UK was sold for £248 million (approximately $385 million in August 2022).
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