Sale of Sun Life Annuity Business Delayed by Regulators

Initially, the deal Sun Life Financial (NYSE: SLF  ) struck in December to sell its U.S. annuity portfolio and some life insurance products for $1.35 billion to Delaware Life Holdings, a Guggenheim Partners-owned company, was scheduled to be completed by Q2 of 2013.

While the proposed deal has been approved by some regulators, including the Financial Industry Regulatory Authority (FINRA), the New York Department of Financial Services (NYDFS) is continuing its review process, making it unlikely the transaction will be completed as originally planned, Sun Life announced today.

The unexpected delay involving the NYDFS comes as it reviews private investor groups as owners of annuity business, as is the case with Delaware Life Holding's Guggenheim Partners. Though Sun Life expects the additional NYDFS review will cause delays, both parties to the deal are working with regulators in an effort to "close the transaction as soon as possible," the company said.

link

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2503106, ~/Articles/ArticleHandler.aspx, 11/27/2014 2:10:00 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement