(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.

Register or login for access to this item and much more

All Employee Benefit News content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access