Sun Life Sells U.S. Annuity Business and their shares drop.
Sun Life’s stock is down 4% on the financial terms of the deal they made to sell their US annuity division to Delaware Life Holdings. Delaware Life is owned by Guggenheim Partners. Sun Life is Canada’s number 3 insurer. They stopped their life insurance annuity sales in the US to concentrate on group insurance and voluntary benefits. This transaction is another example of Guggenheim Partners throwing their weight around. How will it all play out with Guggenheim? Only the future will tell.