British life insurer Phoenix seeks more deals after Sun Life UK buy (2024)

FAQs

Who took over AXA Sun Life? ›

Axa sold its main life assurance business to Resolution Group in 2010 and continued to sell life insurance products through Sun Life Direct. Dean Lamble, formerly of Aviva, was appointed Managing Director. He was named CEO in 2016. Sun Life Direct rebranded to SunLife in 2014.

Sun Life Financial has completed the sale of its domestic U.S. annuity business and certain life insurance businesses to Guggenheim Partners' Delaware Life Holdings.

Your product is still with Sun Life Assurance Company of Canada (U.K.) Limited which is now owned by Phoenix Group, the UK's largest long-term savings and retirement business.

In 2011, Phoenix sold its Goodwin Capital Advisers subsidiary to Conning & Company. In September 2015, Phoenix announced it was being acquired by Nassau Reinsurance Group, a privately held company, for $217.2 million. The acquisition closed on June 20, 2016 and Phoenix became a private company.

Phoenix Life Limited

On 30 June 2015, we transferred all the policies of National Provident Life Limited to Phoenix Life Assurance Limited. On 30 September 2013, certain pension annuities transferred from Phoenix Life Limited to another UK life insurance company, Guardian Assurance Limited.

The Sun Life RightDirections™ Employee Assistance Program (EAP) is powered by Morneau Shepell.

The acquisition made Phoenix a privately held, wholly owned subsidiary of Nassau.

In March 2000, Sun Life became a publicly traded company through a process called demutualization. Through this process, people holding eligible policies on January 27, 1998 became entitled to demutualization benefits. These benefits may contain cash or common shares of Sun Life Financial Inc.

Phoenix Life Limited, Phoenix Life Assurance Limited and Phoenix Life Assurance Europe dac are part of Phoenix Group, the UK's largest long-term savings and retirement business with c. 12 million customers and c. £259bn of assets under administration (31 December 2022).

Q: Who owns SunLife? A: SunLife is owned by Phoenix Group, Europe's largest life and pensions consolidator.

Has Sun Life been bought out? ›

Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company has announced that it has rebranded itself as Securian Canada, after closing its acquisition of Sun Life's sponsored markets business. Sun Life's sponsored markets business include its association, affinity, and group creditor units.

Can I cash in my Phoenix Life pension? If you've reached the age of 55 you can cash in your Phoenix Life pension as a single lump sum. You'll usually get the first 25 per cent tax free, and pay income tax on the rest.

How long will it take for the claim to be paid? Once we have received everything we need, and we agree to pay the claim, most claims are paid within ten working days.

Welcome to Phoenix Wealth

We offer the UK-based pensions and investments previously offered by AXA Wealth. Phoenix Group bought this part of AXA Wealth in 2016 and transferred it to Phoenix Life Limited in 2017. Read more about the transfer.

Lynn Reynolds - President & Owner - Phoenix Company | LinkedIn.

We're part of Phoenix Group, the UK's largest long-term savings and retirement business. We both share an aligned ambition to help every customer enjoy a life full of possibilities.

The Company has been notified of the following significant holdings of voting rights in its shares: MS&AD Insurance Group Holdings, Inc. BlackRock, Inc.

Pay your premiums for only 5 years, in annual, semi-annual, or quarterly terms. Monthly payment through Auto-Debit or Auto-Charge may also be arranged after payment of the initial quarterly premium. Plan ahead on when you want to start receiving your cash payout.

Take out money:

Call the Customer Care Centre at 1-866-733-8612, Monday to Friday, 8 a.m. to 8 p.m. ET.

Sun Life Financial SLF is well-poised for growth on the strength of its strong presence in Asia, expansion of its global asset management and a sturdy financial position. The Zacks Consensus Estimate for 2020 and 2021 earnings has moved up 7.4% and 4.3%, respectively in the past 30 days, reflecting analysts' optimism.

Do millionaires buy annuities? ›

So, the question is, do rich people buy annuities? Not all of them, but more and more do buy because they understand that they're contracts and understand their transfer of risk. They understand they can protect themselves from creditors in a lot of situations.

Reasons Why Annuities Make Poor Investment Choices

Annuities are long-term contracts with penalties if cashed in too early. Income annuities require you to lose control over your investment. Some annuities earn little to no interest. Guaranteed income can not keep up with inflation in certain types of annuities.

By writing them off as a long-term instrument, Dave is going against the very best purpose that annuities are designed for: satisfying long-term retirement needs, whether it's accumulating money or paying a long-term income stream. Current generations of retirees are living longer than past generations did.

We provide Basic Life and Accidental Death and Dismemberment (AD&D) insurance with the option to for employees to purchase additional coverage for themselves and eligible dependents.

What are demutualization benefits? Demutualization benefits are financial benefits that were distributed to eligible policyholders after the demutualization of Economical Insurance. Cash benefits came from selling the shares of Definity Financial Corporation to investors in its IPO and concurrent private placements.

The decrease was attributable to lower results in MFS, largely reflecting declines in global equity markets, which resulted in lower average net assets. SLF Asia reported an underlying net income of $112 million (C$152 million), which rose 17% year over year.

It allows you to take an income directly from the pension fund while leaving the rest of the fund invested. If you already use capped drawdown it will continue under its existing rules unless your plan converts to flexi access drawdown either through your request or if the income you take exceeds the drawdown 'cap'.

Income drawdown - Taking your pension as a regular income

This option allows you to take a regular taxable income from your pension while the rest remains invested. You'll also usually be able to get up to 25% of the pension value as a tax free lump sum.

Phoenix Group's competitors and similar companies include Ageas, Sampo Group, Achmea and Canada Life.

You can take your whole pension pot as one cash lump sum. The first 25% is tax-free. Anything you take beyond this will be taxed as income. If you take all or most of your pot as cash, you'll need to think about how you'll make it last for the rest of your life.

What happened to Sun Life Financial? ›

We're now part of Phoenix Group

On 3 April 2023, Sun Life Assurance Company of Canada (U.K.) Limited became part of the Phoenix Group.

The Sun Life RightDirections™ Employee Assistance Program (EAP) offered to you by your employer, is powered by Morneau Shepell. To reflect their commitment to leadership and innovation in well- being solutions, Morneau Shepell changed their name to LifeWorks.

In the U.S., Sun Life is one of the largest benefits providers, serving employers, partners and members in 50 states and Washington, D.C. We employ 7,800 employees in the United States.

Sun Life is expanding access to healthcare and benefits

Across all Sun Life U.S. businesses, we're expanding access to healthcare and coverage to improve member outcomes.

Sun Life's U.S. Headquarters are based out of Wellesley, a town in Norfolk County, Massachusetts and considered a part of Greater Boston. Sun Life U.S. has the sixth-largest group benefits business in the United States and serves more than 60,000 employers in small, medium and large workplaces.

By 2018, AXA, facing tougher European solvency laws, decided to re-balance its operations from life and annuities and towards property and casualty – from financial risks to insurance risks. As a result, the company decided to begin the process to spin-off the U.S. operations, the old Equitable Life Assurance company.

Further to the announcement on 16 August 2021, HSBC Insurance (Asia Pacific) Holdings Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc (HSBC), has completed the acquisition of 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for a consideration of US$529m, subject to ...

Logo of AXA Cooperative Insurance Co. AXA Cooperative Insurance Co. was rebranded to Gulf Insurance Group (GIG), according to a bourse filing.

Axa S.A. (styled as AXA or GIG in the Middle East) is a French multinational insurance company headquartered in the 8th arrondissem*nt of Paris.

The number of families reporting any life insurance coverage peaked at 85.4% in 1971. That number declined nearly every year since and is expected to decline in 2022 from the 59.4% in 2021, Andrew Melnyk, chief economist and vice president of research for ACLI, told the Life Insurance and Annuities Committee Thursday.

Is AXA Insurance legit? ›

It is now one of the largest insurance companies in the world. In other words, yes, AXA is a legitimate travel insurance provider.

Berkshire Hathaway

National Indemnity Company

The integration of AXA Singapore into HSBC Life, following HSBC's biggest acquisition in 10 years, gives us the scale and expertise to offer customers what no-one else can, says Greg Hingston, HSBC's CEO Global Insurance and Partnerships. These are unprecedented times.

Our business: protection

It covers a broad range of products and services designed for our individual and business clients. Our individual and group life insurance policies encompass both savings and retirement products, on the one hand, and other health and personal protection products.

Allstate RightFit Annuity

On November 1, 2021, Allstate Insurance Company completed its sale of Allstate Life Insurance Company and Allstate Distributors, LLC, to Everlake US Holdings Company, a Delaware corporation (the “Transaction”).

Today, MetLife Insurance Company USA is Brighthouse Life Insurance Company, licensed in 49 states.

Many policyholders lost half their life savings, and the company came close to collapse. Following a July 2000 House of Lords ruling and the failure of attempts to find a buyer for the business, it closed to new business in December 2000 and reduced payouts to existing members.

Your policy will run for 12 months from the date and time shown in your policy schedule. If you have a car or home policy with us, you can view your schedule through your MyAXA account. To register for MyAXA, please visit here.

We will settle your claim by replacing your vehicle or by paying the market value (or purchase price of your car which ever is the lower). As part of settling your claim your vehicle will become AXA property.

AXA Health. AXA Health Limited is a private limited company incorporated in England and Wales with company number 12839134 and whose registered office is at 20 Gracechurch Street, London, EC3V 0BG.