(Bloomberg) — Sun Life Financial Inc., Canada’s third-largest insurer, is seeking a buyer for a U.S. annuities business that may fetch more than $1 billion, say people with knowledge of the matter.
Sun Life said in December that it would stop U.S. sales of variable annuities and individual life insurance. U.S. asset managers such as Guggenheim, Apollo Global Management LLC and Harbinger Capital Partners LLC have bought annuities operations from insurers in part to get access to a stable pool of funds for their investment-management operations.
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