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Sun Life Financial sells Sun Life U.K. business for $385 million

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Sun Life Financial Inc. has reached a deal to sell a U.K.-based division of the company to Phoenix Group Holdings PLC for about $385 million as part of a shift to make the company more nimble.

The insurer said Thursday it will sell SLF of Canada U.K. Ltd., or Sun Life U.K., a company that manages life insurance and pension policies but is closed to new sales.

"It's an exciting opportunity for us that is aligned to our strategy to focus on less capital-intensive businesses in markets with natural tailwinds." Earnings were also affected by acquisition costs for DentaQuest, the roughly $3.1 billion deal the company closed June 1. Buying the dental benefits company, with about 2,400 employees, is part of Sun Life's transition from a focus on life insurance to benefits in the U.S.

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