Sun Life Financial Inc. Sells Life Reinsurance Business To Berkshire Hathaway Life Co. Of Nebraska

Sun Life Financial Inc., a leading international financial services organization, which provides a wide range of financial products and services to customers across the world, recently released details of an agreement whereby its subsidiary, Sun Life Assurance Company of Canada, would sell its life reinsurance business to Berkshire Hathaway Life Co. of Nebraska. The sale is expected to be completed by the end of this year, subject to approval for the sale being granted by the relevant regulatory bodies.

Donald Stewart, the Chief Executive Officer of Sun Life Financial Inc., issued the following statement regarding this sale agreement, explaining the reasoning behind the decision, and also assuring employees as well as clients affected by the sale that the transition in ownership would be completed smoothly: “This transaction reflects Sun Life Financial’s strategy to deploy capital to the parts of our business that can best achieve strong, sustainable growth. Our reinsurance business is profitable, but it is not a growth area for Sun Life Financial and this transaction releases capital which can be put to work in other businesses. There was significant interest in the marketplace in purchasing our reinsurance business, which speaks to the depth and talent of our reinsurance team. Sun Life will work closely with Berkshire Hathaway to ensure a smooth transition for clients and employees.”