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Sun Life completes sale of its UK business
Sun Life completes sale of its UK business Canada NewsWire Sun Life begins ...
About this update from Sun Life Financial Inc.
[{"type":"text","content":"\n \n \n \n Sun Life completes sale of its UK business\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Sun Life begins long-term strategic partnership with UK's largest long-term savings and retirement business\n \n \n \n \n \n \n TORONTO, ON\n \n and\n \n LONDON, UK\n \n \n ,\n \n \n April 3, 2023\n \n \n /CNW/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced today it has completed the sale of SLF of Canada UK Limited (\"Sun Life UK\") to Phoenix Group Holdings plc (\"Phoenix Group\") (LSE: PHNX). Headquartered in\n \n London\n \n , Phoenix Group is the UK's largest long-term savings and retirement business with more than 12 million customers and £260 billion of assets under administration.\n \n \n \n \n \n \n \n \n \n This transaction will see Sun Life UK's life and pension policies and annuity blocks for UK Clients move to Phoenix Group. Sun Life UK has been closed to new sales and has been operating as a run-off business in the life and pension policies segment since 2001. Sun Life will retain its economic interest in UK's payout annuities business.\n \n \n As part of the sale, Sun Life will begin a long-term partnership to become a strategic asset management partner to Phoenix Group. Sun Life's asset management companies, MFS and SLC Management, will continue to manage approximately\n \n C$8 billion\n \n of Sun Life UK's general account.\n \n \n Phoenix Group has set a goal to invest approximately\n \n US$25 billion\n \n in North American public and private fixed income and alternative investments over the next five years. MFS and SLC Management will be material partners to Phoenix Group in achieving this goal.\n \n \n Click\n \n here\n \n to see the original announ...