Sun Life Financial launches Internet claims process for Health Spending Accounts

TORONTO, Jan. 24, 2002 – Sun Life Assurance Company of Canada, a
member of the Sun Life Financial group of companies, announced today the launch of a new
Internet-based claims submission and payment process for Health Spending Accounts – the
first of its kind in Canada. Health Spending Accounts cover eligible medical and dental
expenses not provided for in provincial health plans or an organization’s basic benefits plan.

Similar to the Internet dental claims process launched last
May by Sun Life Financial, plan members will be able to submit their Health Spending
Account claims over the Internet with easy-to-use screens to guide them through the
process. Plan members connect directly into Sun Life Financial’s claims payment system,
providing real-time adjudication and calculation of their reimbursement, with no
intermediary system involved. The results of most claims are immediate and plan members
can view an Explanation of Benefit statement online. Payment is deposited directly to the
plan member’s bank account, usually that night.

“With this new online Health Spending Account claims
process, we are able to give plan members the speed, ease and convenience they want with
flexible benefits,” says Greta Cusworth, Vice-President, Group Benefits. “This
is part of our ongoing commitment to provide leading-edge Internet services for our plan
members in a self-serve environment.”

The Internet-based Health Spending Account claims process
is currently in the pilot stage and will gradually be rolled out across Canada to
additional clients over the coming months.

Group benefit plans are administered by Sun Life Assurance
Company of Canada, a member of the Sun Life Financial group of companies and a wholly
owned subsidiary of Sun Life Financial Services of Canada Inc.

Sun Life Financial is a leading international financial
services organization providing a diverse range of wealth accumulation and protection
products and services to individuals and corporate customers. Tracing its roots back to
1871, Sun Life Financial and its partners today have operations in key markets worldwide,
including Canada, the United States, the United Kingdom, Hong Kong, the Philippines,
Japan, Indonesia, India, and Bermuda. As of September 30, 2001 the Sun Life Financial
group of companies has total assets under management of $299 billion.

Sun Life Financial Services of Canada Inc. trades on the
Toronto (TSE), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol
“SLC”, and on the London Stock Exchange under ticker symbol “SFC”.