Sun Life of Canada is preparing to demutualise into a publicly traded stock company following draft legislation drawn up by the Canadian Government in August.
The life office says the legislation is a significant step toward finalising the regulatory regime which will permit demutualization.
It is also reporting a 24 per cent decrease in net income for the third quarter ending September 30 because of declining stock prices.
Assets under management increased during the first nine months of 1998 by 18 per cent to £85bn which is a 27 per cent increase over the comparable period last year.
The company says its US and Asian operations continued to grow in spite of declining world equity markets.