Sun Life Approved to Sell U.S. Annuity Business
Jul 31st 2013 6:27PM
Updated Jul 31st 2013 6:28PM
After reaching a deal at the end of last year, Sun Life Financial is about to finalize a big asset sale. The company announced it has now received all regulatory approvals to divest its U.S. annuity business and certain life insurance assets to Delaware Life Holdings, an affiliate of Guggenheim Partners. Sun Life said the transaction should close on or before Friday.
The two companies agreed last December to the deal, for which Sun Life will receive $1.35 billion in cash. In turn, Delaware Life Holdings is to obtain around 450,000 insurance policies.
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