Phoenix Group acquires Sun Life UK for £248m 

Mark Battersby
clock • 2 min read

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...

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