Solar Existence also establishes long-term strategic partnership with UK’s most significant prolonged-time period savings and retirement enterprise

TORONTO and LONDON, Aug. 4, 2022 /PRNewswire/ – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) introduced these days it has entered into an agreement to promote SLF of Canada British isles Minimal (“Sun Everyday living Uk”) to Phoenix Team Holdings plc (“Phoenix Group”) (LSE: PHNX). Headquartered in London, Phoenix Team is the UK’s largest lengthy-time period savings and retirement business with extra than 13 million buyers and £310 billion of property less than administration.

Sunlight Lifetime British isles manages everyday living and pension procedures and annuity blocks for United kingdom Customers. The enterprise is closed to new sales and has been operating as a run-off company in the lifestyle and pension insurance policies segment considering that 2001.

Solar Lifestyle will provide Sun Life Uk to Phoenix Group for a closing cost of £248 million (close to C$385 million) and will keep its economic desire in UK’s payout annuities business enterprise. This transaction will also offer further more progress chances for Sun Life’s asset management companies. 

As portion of the sale, Sunshine Existence will kind a lengthy-phrase partnership to turn out to be a strategic asset administration associate to Phoenix Team. Solar Life’s asset management corporations, MFS and SLC Management, will carry on to deal with close to C$9 billion of Sun Everyday living UK’s standard account upon the shut of the sale.

Phoenix Group has set a objective to invest roughly US$25 billion in North American general public and non-public fixed income and substitute investments more than the subsequent 5 years. MFS and SLC Administration will be materials partners to Phoenix Team in achieving this goal.

“We’re psyched to partner with Phoenix Group. A wonderful deal of thought was taken to discover the appropriate customer and husband or wife for our British isles enterprise. Phoenix Group is a goal-led enterprise with related values to Sunshine Everyday living and a robust concentration on providing outcomes for their prospects. We are also happy about our asset management partnership, which will provide the power of MFS and SLC Management to Phoenix Team consumers,” explained Kevin Strain, President and CEO of Solar Everyday living. “Thank you to our United kingdom group for all of their attempts in delivering…