Update on Sun Life Financial transaction to sell U.S. annuity business
TORONTO, June 21, 2013 /PRNewswire/ - On December 17, 2012, Sun Life Financial
Inc. (TSX: SLF) (NYSE: SLF) entered into a definitive stock purchase
agreement to sell its U.S. annuities business and certain of its U.S.
life insurance businesses to Delaware Life Holdings, LLC, which was
expected to close before the end of the second quarter of 2013, subject
to regulatory approvals and other closing conditions. Approvals for the
transaction have since been obtained from a number of regulators,
including the Delaware Department of Insurance and the Financial
Industry Regulatory Authority (FINRA). The approval process is also
underway with the New York Department of Financial Services. The
Department has recently undertaken a review of private investor groups
as owners of annuity businesses, and we anticipate that the review will
delay the close of the transaction beyond the end of the second quarter
of 2013. We are continuing to work with Delaware Life Holdings, LLC, to
obtain approval from the New York Department of Financial Services for
the transaction and to close the transaction as soon as possible. Both
parties have made substantial progress in preparing for the close and
for the transition of employees and operations to support the business
going forward.
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 Canada, the United States, the United
Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India,
China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March
31, 2013, the Sun Life Financial group of companies had total assets
under management of $571 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
SOURCE Sun Life Financial Inc.
