Sun Life Financial and Khazanah Nasional Berhad complete acquisition of CIMB Aviva

 Sun Life Financial and Khazanah Nasional Berhad complete acquisition of CIMB

PR Newswire


Deal provides greater choice for customers by creating a Malaysian insurance
powerhouse backed by an international life insurance leader

KUALA LUMPUR, MALAYSIA and TORONTO, April 12, 2013 /PRNewswire/ - Sun Life
Financial Inc. (TSX: SLF) (NYSE: SLF) (Sun Life) and Khazanah Nasional Berhad
(Khazanah) are pleased to announce today the completion of the acquisition of
CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB
Aviva Takaful Berhad, a Malaysian takaful company (together, the Company),
following regulatory approvals in Malaysia and Canada.

Sun Life and Khazanah have each acquired 49 per cent of the Company from Aviva
International Holdings Limited and CIMB Group Holdings Berhad (CIMB Group),
respectively, with CIMB Group retaining a two per cent share in the Company.
The transaction includes an exclusive right to distribute insurance products,
including takaful products, through CIMB Bank's network across Malaysia. This
network includes 312 branches across the country and eight million customers.
The transaction is valued at 1.80 billion Malaysian Ringgit (C$602 million).

Ooi Say Teng will lead the Company and will be named CEO of CIMB Aviva
Assurance Berhad. Ooi has more than 30 years of experience in the Malaysian
insurance industry, most recently as Head of CIMB Group Insurance for CIMB
Bank, will help drive the Company to become a leading player in the Malaysian
market in the coming months and years. The Company will be re-branded once
regulatory approval for a new name is received.

"This new Company will be driven by the desire to help our customers in
Malaysia achieve long-term financial security," said Kevin Strain, President,
Sun Life Financial Asia. "We have very strong partners in Khazanah and CIMB
and we believe that the combination of Sun Life's insurance expertise,
Khazanah's excellent track record of strategic management and CIMB's broad
distribution platform will position the Company for success. Sun Life is
excited to begin operations in Malaysia and, along with our partners, we are
looking forward to building a company with a culture that is focused on
delivering value and excellent service to customers."

Khazanah's Managing Director, Tan Sri Dato' Azman bin Hj Mokhtar, said: "We
are delighted with the completion of this important transaction. The
underlying insurance business is intended to be carried out in a manner that
will reflect long-term partnerships with customers and in helping them achieve
financial security in a responsible manner."

"We are thrilled to work with Sun Life and Khazanah in this new
partnership.We believe that there is a great fit between the three companies
and we are looking forward to the new insurance products and services this new
partnership will bring to our customers," said Dato' Sri Nazir Razak, Group
Chief Executive, CIMB Group.

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, Australia, Vietnam and
Bermuda. As of December31, 2012, the Sun Life Financial group of companies
had total assets under management of C$533 billion. For more information
please visit

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.

About Khazanah Nasional Berhad

Khazanah Nasional Berhad is the strategic investment fund of the Government of
Malaysia entrusted to hold and manage the commercial assets of the Government
and to undertake strategic investments. Khazanah is involved in various
sectors such as power, telecommunications, banking, healthcare, airport
management, infrastructure, leisure & tourism, property development,
broadcasting, investment holding, and technology. Some of the key listed
companies in Khazanah's investment portfolio include Telekom Malaysia Bhd.,
Tenaga Nasional Bhd., CIMB Group, Axiata Group Bhd., IHH Healthcare Bhd.,
Malaysia Airports Holdings Bhd., and UEM Land Holdings Bhd. For further
information on Khazanah, please visit

SOURCE Sun Life Financial Inc.


Asia Contacts:
Sun Life Financial
Mei Velasquez
Head of Customer Marketing & Communications
Tel: +852-9199-6697

Khazanah Nasional Berhad
Mohd Asuki Bin Abas
Senior Vice-President, Managing Director's Office
Tel: +603-2034-0000

North American and U.K. Contacts:
Sun Life Financial
Media Relations Contact:

Frank Switzer
Vice-President, Corporate Communications
Tel: 416-979-4086

Investor Relations Contact:

Phil Malek
Vice-President, Investor Relations
Tel: 416-979-4198
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