On August 4, 2022, Sun Life Financial Inc. agreed to sell its subsidiary, Sun Life UK, to Phoenix Group Holdings plc for £248 million (approximately C$385 million). Phoenix Group, headquartered in London, is the UK's leading long-term savings and retirement company, managing £310 billion in assets for over 13 million clients. Sun Life UK, which stopped new sales in 2001, managed life and pension policies. The sale allowed Sun Life to maintain its economic interest in the UK's annuities sector and anticipated growth for its asset management divisions. Further, a strategic alliance was formed between Sun Life and Phoenix Group. Post-sale, Sun Life's arms, MFS and SLC Management, will oversee about C$9 billion of Sun Life UK's general account. Phoenix Group plans to invest US$25 billion in North American assets in the next five years, relying on MFS and SLC Management. Sun Life's Kevin Strain recognized the shared values and lauded their UK team's dedication. Phoenix Group's Andy Briggs underscored the deal's significance in bolstering their market position. Known for amplifying assets via acquisitions, Phoenix Group views this agreement as affirming its prominence in savings and retirement. Set for completion in 2023's first half, the transaction awaits regulatory green lights. Fenchurch Advisory Partners advised Sun Life financially, with Freshfields Bruckhaus Deringer LLP serving as legal counsel.