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Ottawa, May 27, 2002
2002-045

Acquisition of Clarica by Sun Life Approved

The Government of Canada has approved the acquisition of Clarica Life Insurance Company by Sun Life Financial Services of Canada Inc., Secretary of State (International Financial Institutions) Maurizio Bevilacqua announced today.

“A broad range of public interest issues were taken into consideration in making this decision,” Secretary of State Bevilacqua said. “These included the treatment of affected employees, the impact on the level of competition and the international competitiveness of the life insurance industry in Canada.”

The Secretary of State added that the transaction was reviewed by the Office of the Superintendent of Financial Institutions and the federal Competition Bureau. The Superintendent recommended approval of the transaction and the Commissioner of Competition raised no objection.

The transaction is expected to close shortly.

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