Sun Life Financial Inc. and its wholly owned subsidiary, Sun Life Assurance Co. of Canada, today announced the completion of a reorganization plan under which most of Sun Life Assurance’s asset management businesses, including its U.S. annuities business, were transferred to a newly incorporated subsidiary of Sun Life Financial Inc.

Under the reorganization, Sun Life Assurance has transferred its shares of CI Fund Management Inc., McLean Budden Limited, MFS Investments and its other U.S. subsidiaries.

The operations remaining in Sun Life Assurance consist primarily of the life, health and annuities businesses of Sun Life Financial Canada, most of the life and health businesses of Sun Life Financial US and all of the operations of Sun Life Financial UK and Sun Life Financial Asia. Sun Life Assurance continues to have a very strong capital ratio after the reorganization.

According to Sun Life Financial, the reorganization will allow the company to optimize its capital structure by positioning it to benefit from the new capital rules for life insurance holding companies proposed by the Office of the Superintendent of Financial Institutions.