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's 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.”