SunWise Elite Plus, offering guaranteed income for life, exceeds $1 billion in assets
May 20, 2008
TORONTO, May 20 /CNW/ - Sun Life Financial and CI Investments Inc. today announced that SunWise Elite Plus segregated funds with the Guaranteed Minimum Withdrawal Benefit, a rider that offers investors a guaranteed retirement income, have surpassed $1 billion in assets under management. "This milestone shows how SunWise Elite Plus has struck a chord with Canadians," said Dean Connor, President, Sun Life Financial Canada. "Many people are concerned about outliving their retirement savings and SunWise Elite Plus, which offers a guaranteed income for life, provides security and peace of mind." "SunWise Elite Plus is successful because it allows investors to protect their savings, lock in a guaranteed income, and still position their portfolio for continued growth," said Peter W. Anderson, Chief Executive Officer, CI Investments. "It brings certainty to retirement planning." SunWise Elite Plus with the Guaranteed Minimum Withdrawal Benefit (GMWB) was launched in April 2007 and enhanced in March 2008 with the lifetime withdrawal option. Features include: a guaranteed income for life; locking in investment gains every three years so that investors can benefit from the growth potential of the markets; and a 5% annual guaranteed income bonus for every year there is no withdrawal in the first 15 years. The 5% bonus means an investor could increase their guaranteed income by a minimum of 75%, regardless of market conditions during that time. "SunWise Elite Plus is designed to protect Canadians against the financial risks of retirement, including the possibility that a market decline just before or following their retirement could significantly reduce their income for the rest of their lives," Mr. Anderson said. "This is especially relevant today, with global markets having posted high levels of volatility since last summer." SunWise Elite Plus is eligible for both registered and non-registered plans and guarantees Registered Retirement Income Fund (RRIF) payments for life. It has the industry's widest selection of investment funds available with the GMWB, with 54, including 27 equity funds, representing Canada's leading investment managers, including CI Investments, AIM Trimark Investments, Dynamic Funds, Fidelity Investments, Mackenzie Investments, Manulife Investments, Northwest Mutual Funds, RBC Asset Management, and TD Asset Management. In total, SunWise Elite and SunWise Elite Plus have $3.2 billion in assets under management as of April 2008. Sales of SunWise Elite and SunWise Elite Plus increased 72 per cent over year-to-date 2007. SunWise Elite and SunWise Elite Plus policies are issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, and managed by CI Investments. 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, 2008, the Sun Life Financial group of companies had total assets under management of $415 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. About CI Investments CI Investments Inc. is one of Canada's largest investment fund companies with $57 billion in assets under management. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com. CI is controlled by CI Financial Income Fund (TSX: CIX.UN), an independent, Canadian-owned wealth management firm with $102.4 billion in fee-earning assets as of April 30, 2008.
For further information:
For further information: Krista Wilson, Manager, External Communications, Sun Life Financial Canada, (519) 888-3900 x4896, krista.wilson@sunlife.com; Murray Oxby, Director, Communications, CI Investments Inc., (416) 681-3254