Sun Life Financial Introduces New Investment Options and Funds for its Variable Annuity and Variable Universal Life Customers

Business Editors

WELLESLEY, Mass.--(BUSINESS WIRE)--October 31, 2008--The U.S. division of Sun Life Financial Inc. (NYSE:SLF, TSX:SLF) has introduced multiple new funds and investment options for its variable annuities and variable universal life products, including three dynamically managed fund of funds developed and subadvised by Ibbotson Associates, Inc., 1 a new Fund Family portfolio and an enhanced Build Your Own Portfolio option. These new investment choices give Sun Life customers a stronger and more diverse range of options with access to well-known investment managers. 2

“While customers can’t prevent volatility in the market as we’re experiencing today, they can manage it by diversifying their asset allocation strategies,” said Michele Van Leer, Senior Vice President and General Manager, Retail Insurance and Annuities. “Enhancements to our already strong fund lineup give advisors more choices around diversifying customers’ investments to create the potential for a lifetime income stream or to build wealth protection.”

The SC SM Ibbotson asset allocation funds offer customers three portfolios – Moderate, Balanced and Growth – for a well-balanced mix of risk and return. Each asset allocation fund invests in a variety of funds with their own investment managers that are available with the Sun Life Financial variable products. The Ibbotson asset allocation funds also complement Sun Life’s unique 90/10 Masters Model option, which aims to maximize returns while minimizing risk by adding a 10% fixed income allocation to a well-diversified equity portfolio.

With the selections available in the Fund Family portfolio, clients will have diversified investment options, each managed by a single leading fund family including BlackRock, which Sun Life Financial recently added to its lineup.

“We’re excited to bring BlackRock to our investment platform,” says Terry Mullen, President, Sun Life Financial Distributors. “Highly diversified globally with more than 600 holdings, the BlackRock Global Allocation V.I. Fund touts a history of proven performance against its peer group throughout market cycles.”

For advisors who want to customize their clients’ portfolios, the Build Your Own Portfolio allocation strategy now includes over 60 investment options across 19 leading fund families in the Masters Variable Annuities Investment program and 18 for Variable Universal Life products in the Asset Allocation Program. Each of the investment managers has a strong reputation in the investment community and has been carefully selected based on their expertise in their particular asset classes or investment styles, as well as performance history.

About Sun Life Financial

Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of Sept. 30, 2008, the Sun Life Financial group of companies had total assets under management of US $365.6 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit Sun Life Financial’s website at www.sunlife-usa.com.

Investing in the variable accumulation units of a variable insurance product involves risk. Variable accumulation unit values of a variable product fluctuate according to underlying economic and market conditions, and it is possible that purchasers could lose up to the entire principal amount invested in a variable product at redemption. Variable product guarantees do not apply to the performance or safety of amounts held in the variable sub-accounts.

You should consider the investment objectives, risks, charges, and expenses of an investment in a variable insurance product carefully before investing. The prospectus contains this and other important information. Prospectuses for both the variable product and the underlying investment options are available from a financial professional appointed with Sun Life Assurance Company of Canada (U.S.) or at www.sunlife-usa.com. Please read all prospectuses carefully before investing or sending money.

Variable insurance products, including variable annuities and variable universal life insurance, are issued by Sun Life Assurance Company of Canada (U.S.) (Wellesley Hills, MA) in all states except New York. In New York, the contracts are issued by Sun Life Insurance and Annuity Company of New York (New York, NY). Variable products are distributed through Sun Life Financial Distributors, Inc. All three companies are members of the Sun Life Financial group of companies. Certain products may not available in all states.

SLPC 19581 (10/08)

Exp. 10/09

1 The SC SM Ibbotson asset allocation funds are managed by Sun Capital Advisers LLC, and are subadvised by Ibbotson Associates, Inc.

2 Certain funds may not be available in all contracts.