Sun Capital and TDR Capital purchased the closed life insurance businesses of HHG plc in 2005 for £1.1 billion. It was operated and managed by Sun Capital until 2009.

In 2007, Resolution Plc was also acquired, and the integrated group floated in 2009.

Pearl Group was renamed Phoenix Group, and is the UK’s largest life insurance consolidator and one of the largest life insurance businesses in the UK with over 10.4 million policyholders and assets of £240 billion as at 30 June 2018. To this day Sun Capital Partners remain significant shareholders in the company