Combined capabilities and scale strengthen Sun Life's leadership
position in U.S. group benefits - one of company's four strategic
pillars of growth
TORONTO, ON and WELLESLEY, MA, March 1, 2016 /CNW/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) today announced the
completion of the purchase of the U.S. Employee Benefits business of
Assurant, Inc. (Assurant) (NYSE: AIZ). The acquired business adds new
capabilities and scale and makes Sun Life Financial U.S. the
sixth-largest group benefits business in the U.S.1 The acquisition was announced on September 9, 2015.
"Today is an important milestone for us, and we welcome a talented group
of employees and valued customers and partners to the Sun Life family,"
said Dan Fishbein, MD, President, Sun Life Financial U.S. "We're now
poised to offer one of the broadest arrays of employee benefits to U.S.
employers of all sizes. We have received an enthusiastic response
across the board about the value our combined business will deliver."
"This acquisition shows our commitment to being a leader in the U.S.
group benefits business, adding greater breadth, capabilities and
talent in one of our strategic pillars for growth," said Dean Connor,
President and Chief Executive Officer, Sun Life Financial. "It is also
another example of disciplined capital deployment in support of our
medium-term financial objectives."
The transaction includes the purchase of a leading Dental business and
provider network, a successful Group Life and Disability business,
strong products and capabilities in Voluntary Benefits and Vision, and
integrated capabilities in benefits communications, deductions
reporting, and administration. The two organizations are working to
bring the businesses together under the Sun Life brand over the coming
months and are committed to a smooth transition process. In the
meantime it is business as usual for the brokers and customers of both
organizations.
Also included in the transaction is Disability RMS, the leader in
partnering with other insurers to offer Disability products.2 Disability RMS will continue to operate as a dedicated business unit.
With the acquisition, Sun Life Financial's U.S. group business offers an
expanded suite of employee benefits in the U.S. and provides insurance
protection through more than 60,000 employers in small, medium, and
large workplaces across the country.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
products and services to individuals and corporate customers. Sun Life
Financial has operations in a number of 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 December 31, 2015, the Sun Life
Financial group of companies had total assets under management of C$891
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.
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1 The acquiring entity is Sun Life Assurance Company of Canada, a
subsidiary of Sun Life Financial Inc. As a result of the transaction,
Sun Life Financial's U.S. group benefits business is the sixth-largest
group benefits carrier (excluding group healthcare) in the U.S. based
on pro forma combined revenue from an internal analysis of publicly
available information.
2 The legal entity being purchased is Disability Reinsurance Management
Services, Inc., which is the leading provider in the U.S. of turnkey
disability risk management products and services based on reported
premiums for the year ended December 31, 2014.
SOURCE Sun Life Financial Inc.
