Annuities a cloud over Sun Life
Canadian insurance giant Sun Life Financial Inc. plans to cut about 800 jobs at its American subsidiary in based in Wellesley. About half the positions to be eliminated are based in New England. Sun Life has lost hundreds of millions of dollars on US annuity products that struggled through volatile stock markets and low interest rates. New chief executive Dean Connor told investors yesterday he wanted to steer the company toward less volatile lines of business.