Aug. 2, 2013
/PRNewswire/ - Sun Life Financial Inc. ("the Company") (TSX: SLF) (NYSE: SLF) today announced that it has completed the sale of its domestic U.S. annuity business and certain life insurance businesses to Delaware Life Holdings, LLC, which was announced last December.
Updated information regarding the financial impact of the sale and Sun Life Financial's 2015 financial objectives will be included in the Company's second quarter financial disclosure, which is scheduled to be released after markets close on
Wednesday, August 7, 2013
"The completion of this transformational transaction significantly reduces Sun Life Financial's risk profile and earnings volatility," said
, President and CEO. "Our U.S. operations are now focused on our successful employee benefits business and our voluntary benefits business, which have achieved substantial growth during the past two years. We are also continuing to support growth in MFS Investment Management, our highly successful U.S.-based asset manager, which has more than
of assets under management globally."
"We are pleased to transfer this business to a buyer who is committed to customers and the approximately 500 outstanding employees who will continue to support them," he said.
The transaction includes the sale of 100% of the shares of Sun Life Assurance Company of
(U.S.), which includes Sun Life Financial's domestic U.S. variable annuity, fixed annuity and fixed index annuity products, corporate and bank-owned life insurance products and variable life insurance products.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including
the United States
. As of
March 31, 2013
the Sun Life Financial group of companies had total assets under management of
. For more information please visit
Sun Life Financial Inc. trades on the
(NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars, unless otherwise noted.
SOURCE Sun Life Financial Inc.