Sun Life Financial Inc. today revealed that its exposure to troubled insurance giant American International Group Inc. is about US$315 million of bonds.

The U.S. government last night agreed to and bail out AIG.

Sun Life said it has $88 million of bonds issued by American International Group Inc., the parent holding company, and a further $227 million of bonds issued by three of its subsidiaries.

It also has minimal exposure to AIG derivative instruments, Sun Life said.

The AIG-related bonds are a small fraction of Sun Life’s overall holdings.

On Monday, Sun Life announced it holds $334 million of Lehman Bros. bonds and $15 million net value of Lehman derivative instruments. Following Lehman’s filing for bankruptcy protection on the weekend, Sun Life said it would take a writedown of undetermined size in the third quarter.

Meanwhile, Kingsway Financial Services Inc. said today that it has US$17 million of fixed-income investments with Lehman Brothers and about US$30.25 million of fixed-income investments with the AIG group.

“Kingsway does not have any investment exposure to AIG or any of its other subsidiaries. Kingsway has no investment in Washington Mutual nor does it have any derivatives exposure to any of the above discussed companies,” the company said in a release.