Sun Life Financial and United Concordia Dental Announce Partnership
Expanded Dental Provider Networks, Attractive Plan Design
Strengthens Sun Life Group Dental Insurance
WELLESLEY, MA (April 1, 2011) – The U.S. business group of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) announced today a partnership with United Concordia Dental (UCD) to offer group dental benefit plans. The agreement strengthens the group dental benefits offered by Sun Life’s Employee Benefits Group division by adding UCD’s extensive national network of dental providers and its attractive plan designs.
The agreement enables Sun Life to offer plan sponsors a range of dental benefit options, while providing covered employees and their dependents access to high quality, cost-effective dental care services: UCD has one of the country’s largest dental provider networks, comprised of more than 72,000 dentists at over 130,000 practicing locations nationwide. The plans will also offer innovative features, including incentives for preventive dental care.
“This partnership positions us to offer one of the most appealing, competitive and cost-effective group dental insurance solutions on the market,” said Mike Shunney, senior vice president and general manager of Sun Life’s Employee Benefits Group division. “We believe this will do more than dramatically enhance our presence in the group dental marketplace. Since dental insurance is the most popular employee health benefit after group medical coverage, our strong national sales force can use this exceptional new dental offering to also showcase our entire suite of group benefits solutions, including disability insurance, life insurance, medical stop loss, and a wide array of voluntary group benefits, one of the fastest growing sectors of the group benefits market.”
“This agreement is another significant stride in United Concordia’s efforts to enhance the competitiveness, financial performance and marketplace presence of our company,” said Daniel Lebish, chairman and chief executive officer for United Concordia Dental. “It effectively expands our scale, and extends our reach and network size by helping us grow in areas where Sun Life markets its products. We believe this partnership brings us another step closer to our vision of becoming the nation’s leading dental insurer.”
Sun Life will start offering new dental business through the partnership on July 11, 2011.
About the U.S. Employee Benefits Group Division of Sun Life Financial
The Employee Benefits Group division (EBG) of Sun Life Financial offers group life, disability, dental, and medical stop loss insurance through 170 group insurance sales representatives in 34 major U.S. cities. As of December 31, 2010, EBG had approximately 35,000 policyholders and more than $2 billion of business in-force, covering over 11 million lives.
About United Concordia Dental
With more than 40 years experience, United Concordia is the nation’s sixth largest dental insurance carrier. The company’s Advantage Plus network is one of the largest in the industry with more than 72,000 dentists at over 130,000 practicing locations nationwide. United Concordia provides dental insurance benefits to more than 26,000 clients and over 8 million members nationwide, and reported revenues of more than $1.78 billion in 2010. For more information on United Concordia, please visit www.UnitedConcordia.com
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. In the United States and elsewhere, insurance products are offered by members of the Sun Life Financial group that are insurance companies. Sun Life Financial Inc., the holding company for the Sun Life Financial group of companies, is a public company. It is not an insurance company and does not offer insurance products for sale in the United States or elsewhere, and does not guarantee the obligations of its insurance company subsidiaries. Product offerings may not be available in all states and may vary depending on state laws and regulations.
As of December 31, 2010, the Sun Life Financial group of companies had total assets under management of $466 billion, market capitalization of $17.3 billion and common shareholders' equity of $16.3 billion. For more information please visit www.sunlife.com/us.
Sun Life Financial
SLPC 23125, 3/29/11; exp: 3/29/16