The Government of Canada has approved the acquisition of Clarica Life Insurance Co. by Sun Life Financial Services of Canada Inc., Secretary of State (International Financial Institutions) Maurizio Bevilacqua announced today.

“A broad range of public interest issues were taken into consideration in making this decision,” Bevilacqua said. “These included the treatment of affected employees, the impact on the level of competition and the international competitiveness of the life insurance industry in Canada.”

The transaction was reviewed by the Office of the Superintendent of Financial Institutions and the federal Competition Bureau. The Superintendent recommended approval of the transaction and the Commissioner of Competition raised no objection.

The deal is expected to close shortly.