“This acquisition is highly attractive for Phoenix Group. We believe Phoenix Group will be a great organization for our UK employees and Clients.” “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’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.

Phoenix Group is a purpose-led company with similar values to Sun Life and a strong focus on delivering outcomes for their customers. A great deal of consideration was taken to find the right buyer and partner for our UK business. “We’re excited to partner with Phoenix Group.

MFS and SLC Management will be material partners to Phoenix Group in achieving this goal. 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. 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. This transaction will also provide further growth opportunities for Sun Life’s asset management businesses.Īs part of the sale, Sun Life will form a long-term partnership to become a strategic asset management partner to Phoenix Group. 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. 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 UK manages life and pension policies and annuity blocks for UK Clients. 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. (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).

TORONTO, ON, LONDON, UK – (August 4, 2022) – Sun Life Financial Inc.

Sun life announces intention to sell its UK business Sun Life also establishes long-term strategic partnership with UK’s largest long-term savings and retirement business

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