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Insider UK
Insider UK
Business
Peter A Walker

Phoenix Group to buy Sun Life UK for £248 million

Sun Life Phoenix Phoenix Group Sun United Kingdom

Phoenix Group is set to acquire closed book UK life insurance company Sun Life UK for £248m, funded from existing cash resources.

The deal is expected to deliver circa £470m of incremental long-term cash generation, with approximately 30% of this 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 partner TCS Diligenta, supporting a simplified operational integration programme.

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