Sun Life Financial announced Monday that it will exit the annuity business effective Dec. 30, costing jobs in its Wellesley, Mass., and Portsmouth, N.H., offices.
“As part of a strategic plan to accelerate growth, improve return on shareholders’ equity and reduce volatility, Sun Life Financial will close its domestic U.S. variable annuity and individual life products to new sales,” Priscilla Brown, senior vice president of marketing for Sun Life US, said in a statement. “We remain committed to meeting the needs of our existing customers. The decision will not impact existing policies, which are backed by the operating companies of Sun Life Financial, which are among the highest rated insurance companies in North America.”
The Canadian insurance company, founded in 1865 and headquartered in Toronto, has offices in 25 countries and $459 billion in assets under management.