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Friday, December 1, 2023

Solar Life finishes sale of its UK enterprise to Phoenix

Solar Life Monetary has accomplished the sale of Solar Life UK to Phoenix Group.

London-headquartered Phoenix Group is the UK’s largest long-term financial savings and retirement enterprise with greater than 12 million clients and £260bn in belongings beneath administration.

Because of the deal, Solar Life UK’s life and pension insurance policies and annuity blocks for UK purchasers will transfer to Phoenix Group.

As well as, Solar Life will start a long-term partnership to grow to be a strategic asset administration accomplice to Phoenix Group. Its asset administration companies, MFS and SLC Administration, will proceed to handle round C$8bn of Solar Life UK’s basic account. This, partially, will assist Phoenix Group attain its objective of investing $25bn in North American private and non-private fastened earnings and different investments over the following 5 years.

“We’re excited to accomplice with Phoenix Group. Quite a lot of consideration was taken to search out the correct purchaser and accomplice for our UK enterprise. Phoenix Group is a purpose-led firm with related values to Solar Life and a robust deal with delivering outcomes for his or her clients. We’re additionally happy about our asset administration partnership, which is able to carry the energy of MFS and SLC Administration to Phoenix Group clients,” stated Kevin Pressure, president and CEO of Solar Life. “Thanks to our UK staff for all of their efforts in delivering strong outcomes year-after-year in our life, pension and annuities companies. We consider Phoenix Group shall be an important group for our UK staff and Purchasers.”

“This acquisition is extremely engaging for Phoenix Group. Because the UK’s largest long-term financial savings and retirement enterprise with a robust monitor document of UK closed e-book integrations, we stay up for providing a protected house for Solar Life UK Purchasers over the long run and enabling them to learn from our broad vary of Normal Life merchandise in our Open division,” continued Andy Briggs, Phoenix Group, CEO.

“I want to take this chance to welcome the colleagues who will be a part of us from Solar Life UK. We’re additionally happy to enter into a brand new, long-term strategic asset administration partnership with MFS and SLC Administration, Solar Life’s Asset Administration companies. This partnership will complement our present relationships and additional improve our liquid and illiquid credit score capabilities in North America by constructing on their sturdy presence within the area.”

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