Wipro Wins Huge £500 Mn Key Deal With Top UK Insurance Giant

Wipro Ltd shares will remain in the limelight tomorrow after the company informed declared that it won a £500 million, 10-year key deal with Phoenix Group, 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. Meanwhile, Wipro shares price settled 1.42% lower on Bombay Stock Exchange (BSE) to Rs 267.25 per share. Stock price of Wipro slipped 12.23% in last 3-months and rose 11.41% in last 1-year.

The company has a market capitalisation of Rs 2,79,860.34 crore. The stock’s return on equity is 16.38%. It is worth mentioning that Life Insurance Corporation Of India (LIC) ulif has 3.08% stake in Wipro with 321,940,792 shares of the IT stock. Check key details below:

Wipro Won Key Deal With Phoenix Group

Andy Briggs, Phoenix Group’s CEO commented: “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.”

Under the terms of the deal, Wipro’s existing FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver life and pension administration services to Phoenix Group’s ReAssure customers. These services will encompass Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, Compliance and Regulatory Support, as well as Platform Technologies, added the BSE filing.

“This engagement with Phoenix Group marks an important milestone in the evolution of our work with financial institutions in the UK,” said Omkar Nisal, CEO – Europe, Wipro Limited and Non-Executive Chairman of WFOSL. “We are proud to support Phoenix Group in the transformation of their ReAssure business and help them achieve their long-term objectives.”

As part of the engagement, Wipro will assume management of the core policy administration ALPHA platform, modernising it with AI, Automation, Cloud, and Digital transformation technologies. This modernisation initiative will ensure the platform is future-ready, enhancing efficiency, and delivering superior customer experiences for Phoenix Group policyholders.

Wipro Shares Performance

The 52-week high price of Wipro Ltd shares on BSE is Rs 324.55 per share (as on 23/01/2025) and 52-week low price is Rs 208.40 per share (as on 04/06/2024), respectively. Wipro shares fell 11.01% year-to-date (YTD), gained 47.83% in last 2-years, and zoomed 191.50% in last 5-years.

Wipro Dividend History

The company recommended a total of 35 dividends since May 8, 2000. In last 1-year, Wipro announced an equity dividend amounting to Rs 6.00 per share. At the last trading share price of Rs 267.25, Wipro offers a dividend yield of 2.24%.

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