OREANDA-NEWS. Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced today that Sun Life Hong Kong Limited ("Sun Life HK") will acquire the pension business of FWD Life Insurance Company (Bermuda) Limited ("FWD"), consisting of Mandatory Provident Fund ("MPF") and Occupational Retirement Schemes Ordinance ("ORSO") businesses. Sun Life HK and FWD will also enter into an exclusive 15-year distribution agreement that will allow Sun Life HK to distribute its pension products through FWD's agency force in Hong Kong. (Collectively the "transactions".)

"Expanding our pension business is a key priority for our Asia operations and deepens our wealth business in the region," said Dean Connor, President and CEO, Sun Life Financial. "With the growth expected in the MPF market to meet the needs of Hong Kong's ageing population, this is an attractive opportunity that fits with our global expertise in the pension market."

The transactions announced today, together with Sun Life HK's acquisition of the MPF business of Schroder Investment Management (Hong Kong) Limited, will strengthen Sun Life HK's position as a leading MPF provider. These acquisitions will add HK$4.6 billion (C$769 million) in MPF assets under management ("AUM"), and bring Sun Life HK's combined AUM to HK$34.7 billion (C$5.8 billion).1

"This partnership provides an excellent opportunity for us to expand our distribution network. It will further accelerate our already strong growth in the Hong Kong retirement market and follows our new strategic relationship with Schroder Investment Management," said Kevin Strain, President, Sun Life Financial Asia.

The transactions are expected to be completed in stages over the course of 2017 and 2018, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions. Financial terms of the transactions were not disclosed.

About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2016, the Sun Life Financial group of companies had total assets under management of C$861 billion.