Sun Life completes sale of association, affinity, and group creditor business

Rhea-AI Summary

On February 1, 2023, Sun Life Financial Inc. (NYSE: SLF) announced the successful completion of the sale of its sponsored markets business to Canadian Premier Life Insurance Company. This transaction includes the transfer of association, affinity, and group creditor business, along with plan members and customers. As the leader in the Canadian group benefits market, Sun Life provides coverage to over five million employees annually and supports health care needs with more than 80 million claims processed each year. Prior to this sale, details of the agreement were released in 2021.

Positive

• Completion of the sale of sponsored markets business to Canadian Premier, allowing for strategic refocusing.
• Strengthens Sun Life's position in the Canadian group benefits market, noted for covering over five million employees.

Negative

• None.

TORONTO, Feb. 1, 2023 /PRNewswire/ - Sun Life Assurance Company of Canada ("SLA"), a wholly owned subsidiary of Sun Life Financial Inc. ("Sun Life" or "SLF") (TSX: SLF) (NYSE: SLF) today announced the completion of the sale of its sponsored markets business (association, affinity, and group creditor) to Canadian Premier Life Insurance Company ("Canadian Premier").

This transaction will see Sun Life's association, affinity and group creditor business move to Canadian Premier, including plan members and customers.

Sun Life is the leader in the Canadian group benefits market, providing coverage to over five million employees and their dependents. Each year Sun Life supports the health care needs of Canadians with more than 80 million claims paid.

Click here to see the initial 2021 announcement on the agreement between Sun Life and Canadian Premier.

Connect with Sun Life
https://www.facebook.com/SLFCanada
https://www.facebook.com/SLFCanada
https://twitter.com/SunLifeCA 

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2022, Sun Life had total assets under management of $1.27 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Media Relations Contacts:	Investor Relations Contact:
Gannon Loftus	Yaniv Bitton
Director, Corporate Communications	Vice-President, Head of Investor Relations &
Sun Life	Capital Markets
T. 647.228.8244	Sun Life
gannon.loftus@sunlife.com	T. 416.979.6496
	yaniv.bitton@sunlife.com
Rajani Kamath
Associate Vice-President, Corporate Communications
Sun Life
T. 647.515.7514
rajani.kamath@sunlife.com

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SOURCE Sun Life Financial Inc.

FAQ

What did Sun Life Financial announce on February 1, 2023?

Sun Life Financial announced the completion of the sale of its sponsored markets business to Canadian Premier Life Insurance Company.

What business was sold by Sun Life Financial?

Sun Life Financial sold its association, affinity, and group creditor business.

Who purchased the sponsored markets business from Sun Life Financial?

The sponsored markets business was purchased by Canadian Premier Life Insurance Company.

How many employees does Sun Life cover in the Canadian market?

Sun Life provides coverage to over five million employees in the Canadian market.

What is the significance of the sale for Sun Life Financial?

The sale allows Sun Life to refocus its resources while maintaining its leadership position in the Canadian group benefits market.