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October 07, 2009

Sun Life Financial Variable Annuity Sales Rise 35% in the First Half of 2009 as Sales Gain Across Distribution Channel

Sun Life Benefits from Financial Strength and Commitment to VA Market;
Living Benefits Continue to be Popular


Wellesley, MA (Oct. 7, 2009) - The U.S. division of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) today announced that its variable annuity (VA) sales for the first half of 2009 rose 35%, well above the Morningstar/VARDS Industry average of -25.4% for the same time period when compared to the first half of 2008. Sun Life's VA assets rose the first six months of 2009 by 10.7%, also beating the comparable 5.1% industry average gain for the same time period. The company has also almost doubled its market share in VA sales since the end of 2008, and reports that 91% of all its new VA sales for the first half of the year included at least one optional living benefit.

Sun Life has also dramatically increased its VA sales against the industry average in all three financial distribution channels:

Wirehouses

(dollars in millions)

 

1H 2008

1H 2009

Percentage Gain/Loss

Industry Average

$9,857.3

$7,094.9

-28%

Sun Life Financial

$326.7

$596.7

+82.6%

 

Independent Firms

(dollars in millions)

 

1H 2008

1H 2009

Percentage Gain/Loss

Industry Average

$29,413.1

$22,578.7

-23.2%

Sun Life Financial

$365.9

$536.3

+46.6%

 

Banks

(dollars in millions)

 

1H 2008

1H 2009

Percentage Gain/Loss

Industry Average

$10,678.7

$6,043.6

-43.4%

Sun Life Financial

$212.8

$226.2

+6.3%

 

Note: All data from Morningstar/VARDS

"Sun Life is financially strong and has remained fully committed to the variable annuity business, and we are experiencing a sales surge as financial advisors and consumers alike are gaining a new appreciation for protection from market downturns and the guaranteed lifetime income our products offer," said Terry Mullen, President of Sun Life Financial Distributors, Inc. "We have benefited from a 'flight to quality' in both the strength of our wholesaling team and the producers that place a premium on fiscal performance and ratings strength when selecting an insurance carrier."

About Sun Life Financial


Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2009, the Sun Life Financial group of companies had total assets under management of US $341.9 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit Sun Life Financial's website at www.sunlife.com/us.


Contact:
David Jacobson
Sun Life Financial
781-446-1955
david.jacobson@sunlife.com