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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisory businesses must 'step up' to attract and retain new blood

Advisory businesses must 'step up' to attract and retain new blood

Clearer pathway to profession needed

Jenna Brown
clock 04 February 2026 • 3 min read
Advice buy-side models have 'clear conflict of interest'

Advice buy-side models have 'clear conflict of interest'

SBG’s Cherrington on common pitfalls and a valuations ‘peak’

Isabel Baxter
clock 04 February 2026 • 5 min read
One in five consider financial advice to deal with turbulent times

One in five consider financial advice to deal with turbulent times

Almost a fifth of people are newly considering getting financial advice to help them feel more confident amid a less predictable, more uncertain world, according to research.

clock 03 February 2026 • 3 min read