Sun Life Financial closes sale of U.K. group business to Unum Limited

TORONTO, Feb. 28, 2003 – Sun Life Financial Services of Canada Inc. (NYSE/TSX: “SLF”) announced today that it has completed the sale of its U.K. group insurance business to Unum Limited, a U.K. subsidiary of UnumProvident Corporation. Sun Life Financial announced on January 13, 2003, that it had entered into an agreement with Unum Limited for the sale of its U.K. group insurance business.

Proceeds of the transaction will be used for general corporate purposes and Sun Life Financial expects the impact of the transaction on operating earnings per share to be neutral in 2003. Terms of the transaction have not been disclosed.

Sun Life Financial’s U.K. group insurance business is based in Basingstoke and is among the top providers of both group life and group income protection in the U.K. This business has about 4,800 plans in force covering approximately one million members.

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 1865, 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, China and Bermuda. As of December 31, 2002, the Sun Life Financial group of companies has total assets under management of CDN $360.6 billion.

Sun Life Financial Services of Canada Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol “SLF”.

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