News

10/26/2000

Press Release

Sun Life financial acquires interest in technology company.

TORONTO, Oct. 26 /CNW/ - Sun Life Assurance Company of Canada, a wholly- owned subsidiary of Sun Life Financial Services of Canada Inc., today announced that it has completed the acquisition of 30% of the common shares of SECLON Inc. and seclonLogic inc. ("Seclon").

Located in Don Mills, Ontario, and incorporated in May 1996, Seclon is a Canadian privately-held technology business focused on the design and development of internet web-based applications and software solutions for the Canadian financial services marketplace, in general, and the group pension and benefit plan marketplace, in particular. SECLON Inc. holds the intellectual property, copyrights and trademarks related to the SECLON products and services. seclonLogic inc. provides consulting, development and marketing services to SECLON Inc.

"This investment demonstrates our commitment to internet-based technology," said Marcel Gingras, Executive Vice-President, Canadian Operations. "Seclon provides a unique blend of technology, web / software development, and actuarial expertise, under one roof. They have demonstrated their ability to build strong business relationships with customers, many of whom are Sun Life Financial customers. This relationship will enable us to provide enhanced web services to our group clients and plan members. In addition, the Seclon relationship will also provide Sun Life Financial with a qualified partner to design and implement new web-based software applications in all parts of our financial services business. Seclon will remain independent while benefiting from Sun Life Financial's strength and future growth opportunities."

"We welcome Sun Life Financial's investment in Seclon," said Jean-Guy Sauriol, President, SECLON Inc. and seclonLogic inc. "One of our key goals is to continuously increase the scope and value of our web and software applications for the financial services sector. This investment from Sun Life Financial strengthens our position in the marketplace. It also demonstrates our commitment to Seclon clients to offer the best possible web-based solutions while maintaining our independent status."

Sun Life Financial Services of Canada Inc. is the publicly held parent company of Sun Life Assurance Company of Canada. Tracing its roots back to 1871, Sun Life Financial has grown to become a leading international provider of financial services with total assets under management of $330 billion (at June 30, 2000).

The Sun Life Financial group of companies provide a wide range of savings, retirement, pension, life and health insurance products and services to individuals and corporate customers in Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, Australia, Bermuda and Chile.

Sun Life Financial Services of Canada Inc. trades on the Toronto (TSE), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol "SLC", and on the London Stock Exchange (LSE) under the ticker symbol "SFC".