Currently, Sun Life UK represents c.£10 billion of the estimated £480 billion UK Heritage mergers and acquisitions (M&A) market and operates a predominantly outsourced business model. The majority of Sun Life UK’s policy administration is already undertaken by Phoenix’s strategic outsourcing partner, TCS Diligenta, which supports a simplified operational integration program.
Commenting on the acquisition, Andy Briggs, Phoenix CEO has said:
“We welcome the colleagues who will join us from Sun Life UK, and as the UK’s largest long-term savings and retirement business with a strong track record of closed book integrations, we look forward to offering a safe home for Sun Life UK’s customers over the long term.
“I am pleased that we will also be able to offer Sun Life UK’s customers access to our broad range of Standard Life products in our Open division.”
Furthermore, Phoenix has agreed to a new long-term strategic asset management partnership with Sun Life. This is in line with its strategy to diversify its credit portfolio and enhance its liquid and illiquid credit organisation capabilities in North America, building on Sun Life’s ongoing presence in the region.
The acquisition is subject to regulatory approvals and is expected to be completed in early 2023.
