Clarica shareholders vote for Sun Life

Toronto: Sun Life Financial Services of Canada has announced that shareholders and voting policyholders of Clarica Life Insurance Company have voted in favour of the proposed combination of Sun Life Financial and Clarica. The transaction is still subject to approval by the minister of finance and regulators in both Canada and the US, and is expected to close in the second quarter of 2002.

"We are delighted that Claricas shareholders and voting policyholders have given their support to the proposed transaction," says Sun Life Financial chairman and CEO Donald A Stewart. "The combination of Clarica and Sun Life Financial provides an opportunity to bring two strong businesses together and turn them into a single, stronger organisation. The combined organisation will be defined by its world-class workforce, intense customer focus and dedication to the creation of shareholder value."

The combined organisation will hold leading positions within the Canadian insurance industry:

  • #1 based on combined revenues of $23 billion for the 12 months ended 31 December 2001

  • #1 in assets under management of $398.8 billion including total general and segregated fund assets of $171.3 billion as on 31 December 2001
  • #1 in group life and health
  • #1 in group retirement services
  • #1 in retail insurance premiums in force
  • #1 in market capitalisation for Canadian insurance companies
  • #1 customer base with approximately 7 million Canadian customers.

With this transaction, Sun Life Financial also achieves a stronger platform for North American growth.

Sun Life Financial is a leading international financial services organisation providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Tracing its roots back to 1871, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the US, the UK, Hong Kong, the Philippines, Japan, Indonesia, India and Bermuda.

As of 31 December 2001 the Sun Life Financial group of companies has total assets under management of CDN $352 billion. Sun Life Financial Services of Canada trades on the Toronto, New York and Philippine stock exchanges under the ticker symbol SLC, and on the London Stock Exchange under ticker symbol SFC.