10:26 AM
Sun Life Completes Sale of U.S. Annuity Business
After clearing several regulatory hurdles, Sun Life Financial has completed the sale of its U.S. annuity business to the private equity firm Delaware Life Holdings.
"The completion of this transformational transaction significantly reduces Sun Life Financial's risk profile and earnings volatility," said Dean Connor, President and CEO of Sun Life, in a statement. "Our U.S. operations are now focused on our successful employee benefits business and our voluntary benefits business, which have achieved substantial growth during the past two years."
The move comes as some industry observers note that the annuity business is becoming less attractive to some insurers due to regulatory changes.
Sun Life's former U.S. actuary jumped to a corporate role earlier this year.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio