Annuities a cloud over Sun Life

The Canadian insurance giant Sun Life Financial Inc. is giving up on new sales of US annuity products, which have cost it hundreds of millions of dollars this year, and plans to cut about 800 jobs at its American subsidiary, based in Wellesley.

The job cuts will hit about 30 percent of the workforce at the insurance company’s US business. Sun Life says about half of the cuts will take place in New England.

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