Sun Life has completed the sale of its UK business

Sun Life is launching a long-term strategic partnership with the UK’s largest long-term savings and pensions business

Toronto, ON And London, UK, April 3, 2023 /PRNewswire/ – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has announced that it has completed the sale of SLF of Canada UK Limited (“Sun Life UK”) to Phoenix Group Holdings plc (“Phoenix Group”). (LSE: PHNX). In the headquarters LondonPhoenix Group is the UK’s largest long-term savings and pensions business with over 12 million customers and £260 billion of assets under management.

This transaction will see Sun Life UK’s life and pension policies and UK customers transferred to the Phoenix Group. Sun Life UK is closed to new sales and has been operating since 2001 as an end-to-end business in the life and pension policies division.

As part of the sale, Sun Life will begin a long-term partnership to become a strategic asset management partner for the Phoenix Group. Sun Life’s asset management companies, MFS and SLC Management, will continue to manage approx. C$ 8 billion Sun Life UK general account

Phoenix Group has set a target to invest approx. 25 billion dollars Public and private fixed income and alternative investments in North America over the next five years. MFS and SLC Management will be material partners to the Phoenix Group in achieving this goal.

Click here to view the original announcement from the Solar Life and Phoenix team.

Click here for the slides related to this announcement, which are available at www.sunlife.com.

Note to editors: All data in Canadian dollars unless otherwise noted.

About the life of the sun
Sun Life is a leading global financial services firm providing asset management, wealth, insurance and health solutions to individual and institutional clients. Sun Life has operations in markets around the world, including Canada, Americaof united kingdom, Ireland, hong kong, Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia And Bermuda. as a December 31, 2022Sun Life had total assets under management 1.33 trillion dollars. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on Toronto (TSX), new york (NYSE) and the Philippine (PSE) stock exchanges under the ticker symbol SLF.

About the Phoenix team
Phoenix Group is the UK’s largest long-term savings and pensions undertaking, with £259bn of assets under management.

As life expectancy increases and the retirement landscape continues to change, we offer a broad range of retirement, savings and life insurance products to our 12 million customers, including Standard Life, SunLife, Phoenix Life and ReAssure. Our vision is to help more people on their journey to and from retirement by providing the right support at the right time.

We are a growing and sustainable business united by a common goal – helping people realize a life of opportunity. This drives everything we do and is about making responsible and sustainable investment decisions and using our presence and voice to drive change forward in the best possible way for our customers, colleagues and the wider community.

A FTSE 100 company, we also feature in the FTSE100 ESG Select Index series and play an active role in helping to invest in sustainable futures. As part of this, we have committed to making our operations net zero carbon by 2025, and we have made a commitment to our investment portfolio in 2015. We have set an interim target of a 50% reduction in carbon emissions of c£250bn by 2030. Portfolios are net zero carbon by 2050 or earlier.

We have been recognized as a leading employer for many years. We are recognized as a Living Wage Employer, a Living Pension Employer and as a Caring Positive Role Model Employer for providing excellent support to caring colleagues.

LinkedIn: PhoenixGroup-UK Twitter: @PhoenixGroupUK

Forward-looking statements
From time to time, Sun Life makes written or oral forward-looking statements within the meaning of certain securities laws, including the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements in this release are, without limitation, statements that (i) relate to our long-term partnership to become a strategic asset management partner for Phoenix Group, (ii) are predictive or dependent on or indicative in nature. future events or conditions, and (iii) include expressions such as “intends”, “expects”, “will” and similar expressions.

These statements represent our current expectations, estimates and projections regarding future events and are not historical facts, and remain subject to change, particularly in light of the ongoing COVID-19 pandemic and its impact and uncertainties on the global economy. Our business. Forward-looking statements are not guarantees of future performance and risks and uncertainties are difficult to predict. The forward-looking statements in this news release do not reflect any non-recurring or other special items or any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or may occur after the date. Description of this news. The financial impact of any non-recurring or other exceptional event or any transaction may be complex and the impact on our operations or results will depend on the facts of such case and we cannot meaningfully describe the expected impact or present known risks that may similarly affect our business. .

Forward-looking statements are provided to help investors and others understand the company’s expected financial position and operating performance as of the date of this news release, as well as the transaction’s objectives, strategic priorities and business outlook. and to gain a better understanding of our expected operating environment following the transaction. Readers are cautioned that such forward-looking statements may not be appropriate for other purposes and should not place undue reliance on these forward-looking statements.

The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events, except as required by law.

Source: Sun Life Financial Inc.