Phoenix buys Abbey Life from Deutsche Bank for $1.2 bn

Phoenix Group Holdings said it’s buying Deutsche Bank AG’s UK insurance unit Abbey Life Assurance for £935 million ($1.2 billion). The UK consolidator of closedlife insurance businesses said it will fund the deal with a share sale along with a banking facility, according to a statement Wednesday. The German lender said it will book a pretax loss of about ^800 million ($895 million) from the sale. BLOOMBERG<