Sun Life Financial Inc.

Sun Life Financial Inc.

January 04, 2005 13:00 ET

Sun Life Financial completes reorganization of asset management businesses


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SUN LIFE FINANCIAL INC.

TSX, NYSE SYMBOL: SLF

JANUARY 4, 2005 - 13:00 ET

Sun Life Financial completes reorganization of asset
management businesses

TORONTO, ONTARIO--(CCNMatthews - Jan. 4, 2005) - Sun Life Financial Inc.
(TSX:SLF)(NYSE:SLF) and its wholly owned subsidiary, Sun Life Assurance
Company of Canada (Sun Life Assurance) today announced the completion of
a reorganization plan under which most of Sun Life Assurance's asset
management businesses, including its U.S. annuities business, were
transferred to a newly incorporated subsidiary of Sun Life Financial Inc.

Under the reorganization, Sun Life Assurance has transferred its shares
of CI Fund Management Inc., McLean Budden Limited, MFS Investments and
its other U.S. subsidiaries. The operations remaining in Sun Life
Assurance consist primarily of the life, health and annuities businesses
of Sun Life Financial Canada, most of the life and health businesses of
Sun Life Financial US and all of the operations of Sun Life Financial UK
and Sun Life Financial Asia. Sun Life Assurance continues to have a very
strong capital ratio after the reorganization.

The reorganization will allow Sun Life Financial to optimize its capital
structure by positioning it to benefit from the new capital rules for
life insurance holding companies proposed by the Office of the
Superintendent of Financial Institutions, Canada.

Sun Life Financial is a leading international financial services
organization providing a diverse range of wealth accumulation and
protection products and services to individuals and corporate customers.
Tracing its roots back to 1865, Sun Life Financial and its partners
today have operations in key markets worldwide, including Canada, the
United States, the United Kingdom, Hong Kong, the Philippines, Japan,
Indonesia, India, China and Bermuda. As of September 30, 2004, the Sun
Life Financial group of companies had total assets under management of
CDN$355.4 billion.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Sun Life Financial Inc.
    Media Relations Contact: Nicholas Thomas
    Director, Media and Public Relations
    416-979-6070
    nicholas.thomas@sunlife.com
    or
    Sun Life Financial Inc.
    Investor Relations Contact: Tom Reid
    Vice-President, Investor Relations
    416-204-8163
    investor.relations@sunlife.com