Assurant is the organization’s 2d acquisition this 12 months as a part of a bid to enlarge its US Group. Sun Life in advance obtained North American assets funding handling company Bentall Kennedy Group for $560 million.

The Assurant acquisition is seen to reinforce the scale and scale of Sun Life’s US Group Benefits enterprise, pegged to develop through over 50 percentage to approximately $four billion yearly after complete awareness.

Established one hundred fifty yeas ago, Sun Life is one of the leading lifestyles coverage organizations globally, operating in numerous markets worldwide which includes Canada, america, United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, China, Australia, Singapore, Vietnam, Malaysia and Bermuda.

As of stop-June, the organization had general property under control of CAD 808 billion or $606.Seventy six billion.

Aside from the PSE, Sun Life is listed on the Toronto and New York stock exchanges beneath the SLF ticker image.

Sun Life Financial Inc., a Canada-based totally coverage company indexed on a couple of exchanges, has issued CAD 500 million of Canadian greenback-denominated debentures —about $375.5 million—to in part fund its current buyout of US-based totally employee advantages company Assurant Inc.

In a statement attached to its disclosure to the Philippine Stock Exchange (PSE), Sun Life stated it supplied CAD 500 million subordinated unsecured and glued debentures in Canada, with a 2.60 percentage hobby fee and ten-12 months tenor due in 2025.

“The supplying is anticipated to shut on September 25, and the proceeds can be used to partly fund the purchase of the employee benefits business of Assurant and can additionally be used for popular company functions, which may encompass investments in subsidiaries,” Sun Life said.

“The debentures will be offered on a exceptional efforts business enterprise foundation by means of a syndicate led with the aid of RBC Capital Markets and CIBC as co-leads. The proceeds from this offering are anticipated to qualify for Tier 2B capital,” it delivered.

Unlike the wider bonds, debentures are securities bought by using the companies generally to fund acquisitions and are set for quick-time period maturity. Issued debentures are by no means asset-sponsored or secured via any collateral, however are most effective backed by way of credit of the issuer.

Early this month, Sun Life said it's miles watching for to shut the $975-million Assurant buyout by means of the primary region subsequent yr.