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Sun Life has also dramatically increased its VA sales against the industry average in all three financial distribution channels:
Wirehouses
(dollars in millions)
1H 2008 1H 2009 Percentage Gain/Loss
Industry Average $9,857.3 $7,094.9 -28%
Sun Life Financial $326.7 $596.7 +82.6%
Independent Firms
(dollars in millions)
1H 2008 1H 2009 Percentage Gain/Loss
Industry Average $29,413.1 $22,578.7 -23.2%
Sun Life Financial $365.9 $536.3 +46.6%
Banks
(dollars in millions)
1H 2008 1H 2009 Percentage Gain/Loss
Industry Average $10,678.7 $6,043.6 -43.4%
Sun Life Financial $212.8 $226.2 +6.3%
Note: All data from Morningstar/VARDS
"Sun Life is financially strong and has remained fully committed to the variable annuity business, and we are experiencing a sales surge as financial advisors and consumers alike are gaining a new appreciation for protection from market downturns and the guaranteed lifetime income our products offer," said Terry Mullen, President of Sun Life Financial Distributors, Inc. "We have benefited from a 'flight to quality' in both the strength of our wholesaling team and the producers that place a premium on fiscal performance and ratings strength when selecting an insurance carrier."
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2009, the Sun Life Financial group of companies had total assets under management of US $341.9 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit Sun Life Financial's website at www.sunlife-usa.com.
SOURCE: Sun Life Financial
Sun Life Financial David Jacobson, 781-446-1955 david.jacobson@sunlife.com
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