WELLESLEY, Mass. (Feb. 5, 2008) – The U.S. division of Sun Life Financial Inc. (NYSE:SLF, TSX:SLF) today announced several changes to its senior leadership team. Sun Life Financial Distributors, Inc. (SLFD) President Kevin Hart will be leaving the company on March 31, 2008 to spend more time with his family. Hart’s position will be filled by Michael Shunney, who is currently Senior Vice President and General Manager of the Employee Benefits Group (EBG) at SLF U.S.
Concurrent with this change, Sun Life will form a new distribution organization -- SLF U.S. Distribution Group -- comprised of the company’s EBG distribution organization and SLFD, the wholesaling organization for Sun Life Financial’s U.S. annuity business. Shunney will serve as Senior Vice President and General Manager of the organization. The SLF U.S. Distribution Group will allow the company to share best distribution practices and processes across the two organizations to capitalize on their momentum.
Under Hart, SLFD has experienced enormous growth and success for the last three years. The sales force has nearly tripled, and through the end of Q3 2007 domestic variable annuity sales exceeded 2006’s US$1.7 billion total.
SLFD wholesalers also worked with over 3,000 new advisors and registered representatives in 2007, an increase of 41% from last year’s total, and the number of overall representatives working with the company has increased 38% from 2006.
As the new leader of the SLF U.S. Distribution Group, Shunney brings tremendous distribution and sales expertise and experience. Under his leadership, Sun Life has become a top 10 provider of group insurance in the U.S. Over 40,000 employers across America provide their employees with group life insurance, long- and short-term disability, stop-loss and dental coverage through Sun Life. Shunney helped drive organic business growth through an extensive buildup of group wholesalers and oversaw Sun Life’s acquisition last year of Genworth’s Employee Benefits Group division. He has been with the company since 1994.
“Kevin is an exceptional leader, and we have benefited greatly from his insight, vision, and enthusiasm. His contributions are of lasting significance to Sun Life,” said Bob Salipante, President of Sun Life Financial U.S. “Sun Life has built a strong distribution infrastructure
and developed relationships with some of the biggest and best distribution companies in the nation. The SLF U.S. Distribution Group will build further on that success and we’re very excited that Mike will be leading this organization. He is simultaneously inheriting an outstanding management team that has showed enormous momentum in 2007, and continuing his oversight of a talented sales force that has made us a top 10 player in group insurance.”
Janet Whitehouse, currently Senior Vice President, Human Resources and Public Relations for SLF U.S., will become Senior Vice President and General Manager, SLF Employee Benefits Group. In this role, Whitehouse willhave profit and loss responsibility for SLF EBG’s Life, Disability,
Stop-Loss, Dental, and worksite businesses. Over the past year, Whitehouse has led the integration of Genworth’s employee benefits group business acquisition. Prior to joining Sun Life Financial in 2000, Whitehouse spent 15 years in a variety of executive roles at UNUM Corporation, including leading mergers and acquisitions and running domestic and international group businesses.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers.
Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of September 30, 2007, the Sun Life Financial group of companies had total assets under management of US $430.6 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit Sun Life Financial’s website at www.sunlife-usa.com.
Sun Life Financial