Sun Life Financial awarded IBM Canada’s group health and dental benefits business

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TORONTO, July 31, 2003 – Sun Life Financial’s Group Benefits business has been awarded IBM Canada Ltd.’s employee group health and dental business, effective January 2004.

Sun Life Financial is currently the incumbent provider for IBM Canada’s group life insurance benefits as well as its group defined contribution retirement services. IBM Canada employs 20,000 people located in every major city across the country.

Greta Cusworth, Sun Life Financial Canada’s, Vice President, Group Benefits, said, “We are delighted to have been chosen by IBM after a rigorous and competitive selection process. Not only does it speak well for the strong partnership we have developed in the past, but also it is a great compliment that one of the world’s leading IT organizations has confidence in our ability to deliver what they need in the future. Our goal is to leverage the potential of our integrated Group Benefits and Group Retirement Services solutions to maximize service delivery to IBM employees.”

Sun Life Financial is a leading provider of Group Benefits and Group Retirement Services in Canada with 21.4 per cent and 29 per cent market share, respectively.

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 June 30, 2003, the Sun Life Financial group of companies has total assets under management of CDN $342.2 billion.

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