Sun Life Financial Completes Acquisition of Genworth's Employee Benefits Group

    TORONTO, May 31 /CNW/ - Sun Life Financial Inc. (TSX/NYSE: SLF) today
announced the completion of its acquisition of Genworth Financial, Inc.'s U.S.
Employee Benefits Group following approval by all required regulatory
authorities in the United States and the Office of the Superintendent of
Financial Institutions in Canada. Sun Life's U.S. group business, combined
with Genworth's Employee Benefits Group, becomes Sun Life Financial Employee
Benefits Group, offering customers group life, disability, dental and
stop-loss insurance.
    "This strategic acquisition significantly strengthens the position of
Sun Life in the U.S. and solidifies our top ten leadership position in the
important U.S. employee benefits industry," said Donald A. Stewart, Chief
Executive Officer, Sun Life Financial.
    The acquired business complements Sun Life's group business platform and
increases the company's market share across its U.S. group lines of business.
Bringing together the two organizations' market presence and distribution
relationships, Sun Life Financial Employee Benefits Group will expand to 34
sales offices across the country.
    "This acquisition increases Sun Life's access to markets, broadens our
product and service offerings, and strengthens our distribution platform,"
said Bob Salipante, President, Sun Life Financial U.S. "Leveraging Sun Life's
North American resources and multi-site international operating platform, the
new organization is poised for long term growth."

    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
March 31, 2007, the Sun Life Financial group of companies had total assets
under management of CDN$446 billion. Sun Life Financial Inc. trades on the
Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under
ticker symbol SLF.