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Sloc pledges windfall bonanza

Sun Life of Canada has voted to demutualise giving more 235,000 UK with profits policyholders windfalls of up to £3,300.


Worldwide 450,258 voters came out in favour of the life office&#39s proposal to demutualise and float as a plc next year. Only 2 per cent of the vote went against demutualisation.


All with-profits policyholders will receive a windfall of atl east 75 shares in the demutualised company. The average pay-out is expected to be 378 shares worth between £2,200 and £3,000.


SLoC chairman and chief executive officer Donald Stewart says: “The conversion into a publicly traded company will provide Sun Life of Canada with enhanced accessto capital and increased flexibility while eligible policyholders will benefit by receiving the entire value of the company.”


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