Sun Life to sell UK business

The Canadian life insurance company, which employs 550 people in Co Waterford, has entered into an agreement to sell its British branch

The company's Co Waterford office provides software development, business administration, and technical service desk services to Sun Life's North American and international divisions.

Sun Life Financial Inc, the global life insurance company that employs 550 people at its Co Waterford office, has entered into an agreement to sell its British branch to Phoenix Group Holdings plc.

The transaction, which is hoped to be finalised by 2023, will see the London-based Phoenix Group shell out £248m (€297m) for the company.