Sun Life Financial Inc. has completed its acquisition of the employee benefits business of Genworth Financial Inc.
Sun Life, Toronto, says it will join its U.S. group business with Genworth's employee benefits group, renaming the unit Sun Life Financial Employee Benefits Group. Sun Life previously valued the deal at $650 million.
The new unit will offer group life, disability, dental and stop-loss insurance.
Genworth, Richmond, Va., has a benefits business with 650 employees that provides group benefits to about 32,000 employers with 2.9 million plan participants.
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