Guardian Financial Services has acquired £1.7bn of annuity assets from closed pension provider Phoenix for an undisclosed sum.
The agreement will see 50,000 policies transferred to consolidation firm Guardian, which will now manage £17bn of assets on behalf of 900,000 customers in the UK and Ireland.
In June 2012, Phoenix transferred £5bn of annuity assets to Guardian.
Guardian also acquired closed life assurance business Ark Life from AIB in December 2013. Ark Life manages €4bn (£3.2bn) of assets and 270,000 policies in Ireland.
Guardian chief executive Jonathan Yates says: “We are delighted to have concluded our second transaction with Phoenix following on so quickly from our recent announcement concerning AIB and Ark Life.”