Depends on what your business logic is. If you want to one record for each PolicyReference and BusinessEventId, and if that record should show the TOTAL of PreValue and Fee Value, then you would query as:
SELECT
PolicyReference,
BusinessEventID,
TotalPreValue = SUM(PremValue),
TotalFeeValue = SUM(FeeValue)
FROM
@test
GROUP BY
PolicyReference,
BusinessEventID;
But, if you were trying to get the MAX PreValue and MAX Fee value, you wouldn't use the SUM function, instead would use the MAX function.