Days after securing regulatory approvals, international financial services firm Sun Life Financial Inc. completed the sale of its US annuity business to Delaware Life Holdings LLC over the weekend.
Sun Life, which is also listed at the Philippine Stock Exchange, reported through a disclosure on Monday that it has concluded the sale of its domestic US annuity business and certain life insurance businesses to Delaware Life Holdings.
Dean Connor, Sun Life president and chief executive officer, said that the completion of this transformational transaction significantly reduced Sun Life Financial’s risk profile and earnings volatility.
“Our US 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,” Connor said.
“We are also continuing to support growth in MFS Investment Management, our highly successful US-based asset management [firm], which has more than $350 billion of assets under management globally,” he added.
Announced in December 2012, the transaction included the sale of 100 percent of the shares of Sun Life Assurance Company of Canada (US), which includes Sun Life Financial’s domestic US variable annuity, fixed annuity and fixed index annuity products, corporate and bank-owned life insurance products and variable life insurance products.
Four days ago, Sun Life announced that it received all regulatory approvals for the transaction. Sun Life further said that the updated information regarding the financial impact of the sale will be included in the company’s second-quarter financial disclosure, which is scheduled to be released after markets close on Wednesday.
Madelaine B. Miraflor