Wipro shares rise 2% on £500 mn strategic deal with UK insurance giant Phoenix Group

Shares of IT major Wipro advanced 2.3% to their day’s high of Rs 273.60 on the BSE on Thursday, March 27, after the company signed a £500 million strategic deal with Phoenix Group, the UK's largest long-term savings and retirement business.

The project aims to provide life and pension business administration for ReAssure and support Phoenix Group’s operational transformation at an accelerated pace.

Wipro, along with its wholly-owned subsidiary Wipro Financial Outsourcing Services Limited (WFOSL), has signed this 10-year agreement to provide platform-based, regulated Third Party Administration services for the ReAssure business of Phoenix Group, the UK’s largest long-term savings and retirement provider.


“Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, today announced that it has won a £500 million, 10-year strategic deal with Phoenix Group, the UK's largest long-term savings and retirement business. The project is designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group’s operational transformation,” the company said in an exchange filing.

Also read: BofA lowers its ratings on Swiggy and Zomato

“Wipro's expertise in technology and service makes them ideally placed to help us deliver outstanding service and value for our ReAssure customers on their journey to and through retirement. We are delighted to have them join us as one of our ecosystem of strategic partners for this phase of our transformation journey,” said Andy Briggs, CEO of Phoenix Group.

As part of the agreement, Wipro’s FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will provide end-to-end life and pension administration services to Phoenix Group’s ReAssure customers. These services will include Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, Compliance and Regulatory Support, and Platform Technologies.

The shares of Wipro closed 1.4% lower at Rs 267.25 on the BSE on Wednesday.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)