Sun Life Financial announces intention to appoint a non-executive Chairman following annual meeting

TORONTO, April 3, 2003 – Sun Life Financial Services of Canada Inc. (NYSE, TSX: “SLF”) today announced its intention to appoint William W. Stinson, Lead Director of the Corporation for the last four years, as non-executive Chairman of both Sun Life Financial and Sun Life Assurance Company of Canada immediately following the annual meeting of the two companies on June 4, 2003. Donald A. Stewart, current Chairman and Chief Executive Officer, will continue as Chief Executive Officer and as an ongoing member of the two Boards.

“I asked our Board to consider this change because I believe that Sun Life Financial must be willing to demonstrate its ability to respond to our evolving environment,” said Mr. Stewart. “I have appreciated the advice and guidance I have received from Bill over the past four years in his capacity as Lead Director, and I look forward to continuing our working relationship.”

“It has become clear that separating the roles of the Chairman and Chief Executive Officer has gained significant support among our shareholder and policyholder communities,” said Mr. Stinson. “I look forward to building on my long association with Sun Life Financial, and to working with Don and the other Board members to continue our successful progress as a public company.”

Mr. Stinson joined the Board of Sun Life Assurance Company of Canada in 1985. He is currently Chairman of Westshore Terminals Income Fund and a director of Grant Forest Products Inc. and a trustee of Fording Canadian Coal Trust. Prior to his retirement in 1996, he was Chief Executive Officer of Canadian Pacific Limited for 11 years.

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”.