Sun Life Financial of Canada is to close to new business in the UK, with 100 jobs potentially under threat.
UK chief executive officer Janet Fuller says: “As a consequence of volatility in the economic landscape and the continuing high degree of uncertainty in the world about capital and other business requirements, we have decided to focus our resources on our existing customers in the UK.”
The firm says that, as it will no longer write new business for i2Live and Financial Foundations, around 100 employee positions “will be affected”. The decision will be effective from December 3.
A spokesman for the company says it has entered into a 90 day consultation with employees who will be impacted by the decision, with a formal announcement expected shortly afterwards.