Axa Wealth has completed the sell-off of its pensions and protection business to closed book provider Phoenix as the French insurer backs out of the UK insurance market.
An update published today (1 November) revealed Phoenix had completed the acquisition, which includes one of the largest closed book consolidators in the UK, SunLife.
Back in May, Phoenix announced that its subsidiary, Pearl Life, had entered into a conditional agreement to buy the Axa Wealth and Sun Life business for a consideration of £375m.
The chief executive of Phoenix Life Andy Moss told FTAdviser a “large chunk” of the Axa Wealth business will no longer accept new customers once the deal is completed.
However, he said Pearl Life would continue to service existing policyholders so Axa products can be “left as they are”.
The deal is expected to add an extra £12.3bn of assets to the Phoenix book, as well as 910,000 policies.
In August, the group’s chief executive Clive Bannister said Phoenix was eyeing up further acquisition opportunities.
SunLife will continue to be run by managing director Dean Lamble and will operate as an independent distribution business.
Mr Lamble said SunLife will continue to focus on life cover, insurance and savings for people over the age of 50, a market he argued is currently underserved.