Delaware Life Holdings Completes Purchase of Sun Life Financial U.S. Annuity Business
New Company to Serve More Than 450,000 Annuity and Life Insurance PolicyholdersWELLESLEY, Mass. (Aug. 2, 2013) – Delaware Life Holdings, a company owned by shareholders of Guggenheim Partners, today announced the completion of its purchase of the domestic U.S. annuity business and certain life insurance businesses of Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF).
The transaction was finalized after completion of all required regulatory approvals. Delaware Life will support more than 450,000 in-force policies as a result of the transaction. Approximately 500 former Sun Life employees will transition to the new company, which will maintain facilities in Wellesley as well as Waterford, Ireland, and Lethbridge, Alberta, Canada.
“Delaware Life is committed to delivering top-notch service and product innovation, along with the proven expertise, deep resources and strong values needed to support annuity and life insurance policyholders as they build their financial security,” said David Sams, president of Delaware Life. “We’re looking forward to serving our distributor partners and policyholders, and to delivering compelling new services and features in the months and years to come.”
No action is required by existing Sun Life distributors or policyholders. The terms and conditions of all contracts and policies will remain in-force and unchanged.
The transaction consisted of the sale of 100 percent of the shares of Sun Life Assurance Company of Canada (U.S.), which includes Sun Life Financial's domestic U.S. variable annuity, fixed annuity and fixed index annuity products, and variable life insurance products, including corporate and bank-owned variable life.
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