Phoenix Group to acquire Sun Life UK for £248m

Closed book UK life company

Jenna Brown
clock • 1 min read

Phoenix Group is to acquire Sun Life UK, a closed book UK life insurance company, from Sun Life Financial for £248m.

It said the acquisition is expected to deliver £470m of incremental long-term cash generation, with about 30% of this in the first three years. The deal is subject to regulatory approvals and is expected to complete in Q1 2023. Phoenix Group CEO Andy Briggs said: "The acquisition of Sun Life UK is highly attractive for Phoenix Group and demonstrates the significant value that smaller cash funded M&A transactions can deliver for our shareholders. "We expect this acquisition to deliver incremental long-term cash generation of around £470m, inclusive of cost and capital synergies. This s...

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