BAM - Sun Life iA Financial Brookfield Annuity in $1.4B annuity deal with GM of Canada

Sun Life (SLF), iA Financial (IAFNF), and Brookfield Annuity (BAM) enter a group annuity buy-out transaction of C$1.8B (US$1.4B) for more than 6,000 members of General Motors (GM) of Canada's salaried pension plan who retired before June 1, 2020.Sun Life has a C$1.1B share in the deal, while iA Financial Group's share is C$0.6B and Brookfield Annuity, a unit of Brookfield Asset Management, has a C$0.1B share. Willis Towers Watson (WLTW) advised on the the deal.WLTW said the agreement represents a milestone in pension risk transfers in Canada. "This deal is ground-breaking because it demonstrates that Canadian insurers can now effectively meet plan sponsors' needs for jumbo transactions," said Marco Dickner, Retirement Risk Management Leader, Canada, at Willis Towers Watson.Brent Simmons, head of Defined Benefit Solutions at Sun Life, said, "We've finally cracked the C$1B mark for a single insurer in a single day with Sun Life's C$1.1B share of the

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Sun Life, iA Financial, Brookfield Annuity in $1.4B annuity deal with GM of Canada