Sun Life Financial and CI Investments announce changes to segregated fund products

    TORONTO, May 27 /CNW/ - Sun Life Financial (TSX/NYSE: SLF) and CI
Investments Inc. today announced changes to their segregated fund lineup. The
changes ensure that the products continue to provide a wide selection of
investment choices and guarantee options that meet the needs of investors.
    Effective July 31, 2009, or later, where applicable under the terms and
conditions of each segregated fund contract, Sun Life and CI will implement
increases in the insurance fees and limit certain premium deposits for their
segregated fund lineup. Price increases will vary by asset class, guarantee
type, rider options, and risk of funds. For fees charged to segregated funds,
the increases will range from no change to 0.30 per cent. In addition, the
Guaranteed Minimum Withdrawal Benefit (GMWB) rider fee increase on SunWise
Elite Plus will be 0.10 to 0.30 per cent. There are no changes to fees for
other riders.
    New premium deposits will no longer be accepted for certain segregated
fund products, including:-   SunWise Elite Full Guarantee Option (Class A - 100% deposit
        maturity / 100% death benefit)
    -   SunWise Elite Plus Full Guarantee Option (Class A GWB - 100% deposit
        maturity / 100% death benefit)
    -   SunWise
    -   Clarica PortfolioClients who currently have a pre-authorized chequing plan or systematic
transfer plan for their premium deposits can continue to make these types of
contributions to existing investment options.
    "With the backdrop of the current market environment, we have reviewed
the options available within our segregated fund products," says Dean Connor,
President, Sun Life Financial Canada. "These changes balance our commitment to
providing products that meet the needs of our clients throughout their
lifetime, with the strong risk management focus that has put Canadian insurers
in a position to weather these turbulent markets."
    New contracts and premium deposits will continue to be accepted for
SunWise Elite and SunWise Elite Plus Combined Guarantee Option (Class B - 75%
deposit maturity / 100% death benefit) and Basic Guarantee Option (Class C -
75% deposit maturity / 75% death benefit). New contracts will be required to
have at least 30% of the value of the portfolio allocated to fixed-income
investments.
    The principal protection guarantees (deposit maturity and death) and
Guaranteed Minimum Withdrawal Benefits associated with current investments,
which are provided by Sun Life Assurance Company of Canada, remain in place
and continue to protect clients' investments. In addition, segregated fund
contracts provide insurance benefits that include potential creditor
protection and powerful estate planning benefits.
    "Backed by the strength of Sun Life, the guarantees built into these
products have done exactly what was intended, which is help protect clients
against volatile market conditions," says Connor. "We continue to be committed
to the segregated fund market and believe that products such as SunWise Elite
and SunWise Elite Plus are market-leading products that play an important role
in an investor's overall financial plan."
    "During the recent challenging markets, our segregated funds clearly
demonstrated their value to investors," says Peter W. Anderson, Chief
Executive Officer, CI Investments. "SunWise Elite Plus continues to offer a
compelling combination of benefits to Canadians, including principal
protection and an income for life that is guaranteed, no matter what happens
in financial markets."
    Certain funds in the SunWise Elite, SunWise and Clarica Portfolio lineups
will be closed to new investments, including transfers from other funds.
Clients who currently have a pre-authorized chequing plan or systematic
transfer plan into those funds can continue to make these types of
contributions. The lineup available to investors in SunWise Elite and SunWise
Elite Plus consists of more than 50 funds and is well diversified by region,
asset class, investment style and portfolio manager. It includes portfolio
management teams from CI Investments and a number of other leading fund
management companies.
    Full details of these changes will be communicated to advisors and
affected clients in the coming weeks. More information about segregated funds
is available through financial advisors, and at www.ci.com.

    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, 2009, the Sun Life Financial group of companies had total assets
under management of $375 billion. For more information, please visit
www.sunlife.com.
    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 management
companies. It 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 a wholly owned subsidiary of CI Financial Corp. (TSX:
CIX), an independent, Canadian-owned wealth management firm with approximately
$82 billion in fee-earning assets as of April 30, 2009.