Phoenix Group completed the acquisition of Sun Life UK from Sun Life Financial for £248m.

Phoenix Group, a British closed life assurance fund consolidator, completed the acquisition of Sun Life UK, a closed book UK life insurance company, from Sun Life Financial, a provider of insurance and savings services, for £248m. "The acquisition of Sun Life UK is highly attractive for Phoenix Group and demonstrates the significant value that smaller cash funded M&A transactions can deliver for our shareholders. We expect this acquisition to deliver incremental long-term cash generation of around £470m, inclusive of cost and capital synergies. This supports a 2.5% dividend increase, in line with our ambition to sustainably grow our dividend over time," Andy Briggs, Phoenix Group CEO.