Sun Life Financial Inc. (TSX:SLF) says the sale of its U.S. annuities business and some of its U.S. life insurance businesses to Delaware Life Holdings LLC will likely be delayed.
The Toronto-based life insurance company says the New York Department of Financial Services has yet to approve the US$1.35 billion deal.
The U.S. annuity business represents about 10% of Sun Life’s earnings, but comprises about 50% of its equities market risk and 35% of its interest rate risk.
Sun Life had expected to close the deal before the end of the second quarter, which ends June 30.
Delaware Life is owned by shareholders of privately held investment firm Guggenheim Partners LLC, which is headquartered in New York and Chicago.
— With files from the Canadian Press