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Sun Life Financial acquires UK business of Lincoln National

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Sun Life Financial is acquiring the UK operations of Lincoln National for approximately GBP195m (CAD359m).

Sun Life Financial is acquiring the UK operations of Lincoln National for approximately GBP195m (CAD359m).

The transaction, which is anticipated to be completed in the third quarter of 2009, is subject to regulatory approvals and to purchase price adjustments related to market and business performance between signing and closing.

Donald A. Stewart (pictured), chief executive officer, Sun Life Financial, says: "Sun Life is seizing a compelling opportunity to expand the scale of its UK business by acquiring a highly complementary and sizable block of business. The combined operation is expected to generate attractive returns and serve to position Sun Life for future growth in one of the world’s largest life insurance markets. This focused transaction demonstrates our disciplined approach to acquisitions and to our business. Importantly, the transaction demonstrates our financial strength even during these turbulent times."

The acquisition will increase Sun Life UK’s assets under management by nearly 60 per cent to GBP10.6bn (CAD19bn) and double the number of policies in force to 1.1 million.

The combined operation will carry the Sun Life Financial of Canada name upon integration, a brand that has been active in the UK for more than a century.

The transaction provides Sun Life with an estimated earnings per share accretion of CAD0.08 to CAD0.10 in 2010. Return on equity is estimated to increase by 0.2 per cent.

The two operations each hold books of business in life insurance, pensions and annuities. Adding this book will enhance Sun Life UK’s earnings power, while Lincoln’s business and distribution platform in the UK, including relationships with IFAs, provides Sun Life with an expanded opportunity to sell additional products.

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