Sun Life UK operates a predominantly outsourced business model with the majority of its policy administration already undertaken by our strategic outsourcing partner (TCS Diligenta), which supports a simplified operational integration programme. The acquisition is expected to deliver c.£470 million of incremental long-term cash generation, with approximately 30% of this cash generation to emerge in the first three years. This equates to an attractive price to shareholder Own Funds ratio of 83%1, in line with the Board’s disciplined approach to the deployment of shareholder capital. (“Sun Life”) for cash consideration of £248 million. The Board of Phoenix Group Holdings plc (“Phoenix Group” or the “Group”) is delighted to announce the acquisition of Sun Life UK, a closed book UK life insurance company, from Sun Life Financial Inc. Supports a 2.5% inorganic dividend increase payable from and including the 2022 Final Dividend.Targeting c.£125 million of cost and capital integration synergies, net of costs. Acquisition is expected to deliver c.£470 million of incremental long-term cash generation.
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