Sun Life Financial Inc., the best-performing financial stock in Canada this year, agreed to sell a U.S. annuity business in a $1.35 billion deal to a firm owned by Guggenheim Partners LLC shareholders to cut risks in equity markets and interest rates.
Guggenheim will provide investment management for the acquired businesses, including some life insurance assets, Sun Life said today in a statement. The business will be renamed Delaware Life Insurance Co.
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