M&A Deal Summary

Phoenix Group Acquires Sun Life UK

On August 4, 2022, Phoenix Group acquired insurance company Sun Life UK from Sun Life for 248M GBP

Acquisition Highlights
  • This is Phoenix Group’s 3rd transaction in the Insurance sector.
  • This is Phoenix Group’s 4th largest (disclosed) transaction.
  • This is Phoenix Group’s 4th transaction in the United Kingdom.

M&A Deal Summary
Date 2022-08-04
Target Sun Life UK
Sector Insurance
Buyer(s) Phoenix Group
Sellers(s) Sun Life
Deal Type Divestiture
Deal Value 248M GBP

Target

Sun Life UK

Basingstoke, United Kingdom
Sun Life UK manages life and pension policies and annuity blocks for UK Clients. Sun Life UK is based in Basingstoke, United Kingdom.

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Buyer(S) 1

Buyer

Phoenix Group

London, United Kingdom

website

Category Company
Founded 1782
Sector Insurance
Employees7,653
Revenue 21.8B GBP (2020)
DESCRIPTION

Phoenix Group consists of several life insurance funds which are closed to new business. Phoenix Group was founded in 1782 and is based in London, the United Kingdom.

DEAL STATS #
Overall 4 of 4
Sector (Insurance) 3 of 3
Type (Divestiture) 3 of 3
Country (United Kingdom) 4 of 4
Year (2022) 1 of 1
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-13 Ark Life Assurance

Dublin, Ireland

Ark Life Assurance is a provider of insurance services. Ark Life Assurance was founded in 1991 and is based in Dublin, Ireland.

Sell €230M

Seller(S) 1

SELLER

Sun Life

Toronto, Ontario, Canada

website

Category Company
Founded 1871
Sector Insurance
Employees23,816
Revenue 23.2B CAD (2022)
DESCRIPTION

Sun Life is a international provider of protection and wealth products and services to individual and corporate customers. With offices in key markets worldwide serving millions of customers, Company help people achieve financial peace of mind by providing sound financial solutions throughout their lifetimes. Sun Life was founded in 1871 and is based in Toronto, Canada.

DEAL STATS #
Overall 4 of 4
Sector (Insurance) 4 of 4
Type (Divestiture) 4 of 4
Country (United Kingdom) 1 of 1
Year (2022) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 Sun Life’s Sponsored Markets Business

Toronto, Ontario, Canada

Sun Life’s Sponsored Markets Business provides insurance services to clinets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-26 Dialogue

Montreal, Quebec, Canada

Dialogue is a virtual healthcare and wellness platform, provides affordable, on-demand access to quality care. Dialogue was founded in 2016 and is based in Montreal, Quebec.

Buy -
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