Sun Life Financial establishes AXXX Funding Structure

    TORONTO, Nov. 8 /CNW/ - Sun Life Financial Inc. (TSX/NYSE: SLF) announced
today that a wholly-owned subsidiary has established an unsecured financing
arrangement with a major financial institution. This arrangement will provide
long-term financing to support the statutory reserves required under U.S.
Actuarial Guideline 38 (also known as Regulation AXXX) for certain universal
life policies issued by Sun Life Assurance Company of Canada in the United
States. As of November 8, 2007, US$1.0 billion was drawn upon under the
financing arrangement. Additional funds may be drawn under the financing
arrangement from time to time.

    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 in excess of $427 billion.
    Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol SLF.

    Note to Editors: All figures shown in Canadian dollars unless otherwise
    noted.