Sun Life Financial Inc. announced on Thursday the completion of its acquisition of Genworth Financial, Inc.’s U.S. Employee Benefits Group following approval by all required regulatory authorities in the U.S. and the Office of the Superintendent of Financial Institutions in Canada.

Sun Life’s U.S. group business, combined with Genworth’s Employee Benefits Group, becomes Sun Life Financial Employee Benefits Group, offering customers group life, disability, dental and stop-loss insurance.

“This strategic acquisition significantly strengthens the position of Sun Life in the U.S. and solidifies our top ten leadership position in the important U.S. employee benefits industry,” said Donald A. Stewart, CEO, Sun Life Financial.

The acquired business complements Sun Life’s group business platform and increases the company’s market share across its U.S. group lines of business. Bringing together the two organizations’ market presence and distribution relationships, Sun Life Financial Employee Benefits Group will expand to 34 sales offices across the country.

“This acquisition increases Sun Life’s access to markets, broadens our product and service offerings, and strengthens our distribution platform,” said Bob Salipante, president, Sun Life Financial U.S. “Leveraging Sun Life’s North American resources and multi-site international operating platform, the new organization is poised for long term growth.”