Phoenix Group has bought closed book company Sun Life UK from Sun Life Financial for a cash consideration of £248m. The acquisition is subject to regulatory approvals and is expected to complete in Q1 2023. In a statement today (4 August), Phoenix said the acquisition is expected to deliver c.£470m of incremental long-term cash generation, with approximately 30% of this cash generation to emerge in the first three years. Sun Life UK operates a predominantly outsourced business model with the majority of its policy administration already undertaken by Phoenix's strategic outsourcing...
To continue reading this article...
Join International Investment
Signup and gain exclusive members-only insights
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes
