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

Dan Kemp introduces Portfolio Thinking to bridge advice gap

Dan Kemp introduces Portfolio Thinking to bridge advice gap

Using supervised AI

Michael Nelson
clock 12 January 2026 • 4 min read
HENRYs at risk of missing out on HERO status

HENRYs at risk of missing out on HERO status

Financial advisers concerned that high earners lack clear wealth strategies

Isabel Baxter
clock 12 January 2026 • 2 min read
Culture is the most effective risk tool wealth managers are missing out on

Culture is the most effective risk tool wealth managers are missing out on

'Understanding a firm's culture is understanding its risk profile'

Bev Shah
clock 09 January 2026 • 5 min read