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Sun Life Financial to Sell UK Business.

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MANews-(C)2009-2022

Canada-based financial services organization Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has entered into an agreement to sell its UK business, SLF of Canada UK Ltd, to UK-based savings and retirement business Phoenix Group Holdings plc (LSE: PHNX), the company said.

Headquartered in London, Phoenix Group is the UK's largest long-term savings and retirement business with more than 13m customers and GBP 310bn of assets under administration.

Sun Life UK manages life and pension policies and annuity blocks for UK Clients.

The company is 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 sell Sun Life UK to Phoenix Group for a closing price of GBP 248m (USD 301m) and will retain its economic interest in UK's payout annuities business.

This transaction will also provide further growth opportunities for Sun Life's asset management businesses.

As part of the sale, Sun Life will form 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 CDN 9bn of Sun Life UK's general account upon the close of the sale.

Phoenix Group has set a goal to invest approximately USD 25bn 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...

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