Sun Life to sell US annuity business for $1.35 bln

Mon Dec 17, 2012 7:34am EST

Dec 17 (Reuters) - Canada's Sun Life Financial Inc said it will sell its U.S. annuity business and some life insurance businesses for $1.35 billion to Delaware Life Holdings, a company owned by shareholders of institutional asset manager Guggenheim Partners.

Sun Life said the deal will reduce its risk profile and help focus its U.S. insurance operations on its growing employee benefits and voluntary benefits franchises.