TORONTO and LONDON,
Aug. 4, 2022
/PRNewswire/ - Sun Life Financial Inc. (TSX: SLF)(NYSE: SLF) announced today it has entered into an agreement to sell 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 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.
Sun Life will sell Sun Life UK to Phoenix Group for a closing price of £248 million(approximately C$385 million) and will retain its economic interest in UK's payout annuities business. This transaction will also provide further growth opportunities for Sun Life's asset management businesses.
As part of the sale, Sun Life will form 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$9 billion of Sun Life UK's general account upon the close of the sale.