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Sun Life Financial Puts U.S. Annuities In New Unit

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NU Online News Service, Jan. 4, 2005, 5:07 p.m. EST

A Canadian insurer is rearranging some of its operations.[@@]

Sun Life Financial Inc., Toronto, will be shifting most of the asset-management businesses at its Sun Life Assurance Company of Canada unit into a newly incorporated subsidiary of Sun Life Financial Inc.

The rearrangement includes CI Fund Management Inc., McLean Budden Ltd. and MFS Investments.

Sun Life Assurance continues to hold most of the life, health and annuities businesses of Sun Life Financial Canada; most of the life and health businesses of Sun Life Financial U.S.; and all of the operations of Sun Life Financial U.K. and Sun Life Financial Asia.

“Sun Life Assurance continues to have a very strong capital ratio after the reorganization,” the company says in a statement about the rearrangement.

The rearrangement should help Sun Life Financial benefit from new life insurance holding company capital rules proposed by Canadian financial services regulators, Sun Life Financial says.