Acquisition

Sun Life Fin.Services of Canada Inc
3 May 2001




               SUN LIFE FINANCIAL TO ACQUIRE KEYPORT LIFE
                AND INDEPENDENT FINANCIAL MARKETING GROUP
                FROM LIBERTY FINANCIAL FOR US$1.7 BILLION

(TORONTO, ONTARIO and WELLESLEY HILLS, MA) - May 3, 2001 - Sun Life
Financial Services of Canada Inc. (NYSE, TSE: 'SLC') announced that it
has signed a definitive agreement with Liberty Financial Companies, Inc.
to acquire both Keyport Life Insurance Company ('Keyport') and Independent
Financial Marketing Group ('IFMG') for a total of US$1.7 billion
(Cdn$2.6 billion). The acquisition, which is subject to approvals by U.S.
and Canadian regulators as well as Liberty Financial's shareholders,  is
expected to close in the third quarter.

Keyport is a Boston-based provider of fixed and variable annuities with
world-class annuity expertise and innovative products which complement
both Sun Life Financial's product array and distribution capabilities.
With approximately 300,000 outstanding annuity contracts, Keyport has
US$19.0 billion (Cdn$29.5  billion) in assets under management and
generated total annuity sales of US$2.7 billion (Cdn$4.2 billion) in
2000.  Keyport's variable annuity sales or US$718 million (Cdn$1.1 billion) 
will bring  Sun Life Financial's pro forma variable annuity sales to
US$4.6 billion (Cdn$7.0 billion) and position the combined business as the 
tenth largest competitor in the U.S. variable annuity business.

Sun Life Financial will also acquire IFMG, a leader in the marketing  of
annuities and mutual funds to small and midsize banks. Based in Purchase,
New York, IFMG provides more than 50 banks across the United States with
marketing services to distribute these wealth management products.  IFMG
was ranked first in the sale of fixed and variable annuities through banks  
in 1998 and 1999 by The Kehrer Report, and had sales of  US$33.33 billion
(Cdn$5.0 billion) in 2000.

'This acquisition advances Sun Life Financial toward our strategic goal of 
reaching a top 10 position in target product markets in North America,'  
said Donald A. Stewart, Chairman and Chief Executive Officer,  Sun Life  
Financial.  'Our mutual fund subsidiary,  MFS Investment Management Inc.,  
is already a top 10 player in the U.S. mutual fund industry.  With the
completion of this transaction, Sun Life Financial will move into the ranks of
the top 10 competitors in the U.S. variable annuity market as well. Our enhanced
position in fixed and indexed annuities in the U.S. will also leave us well
positioned to become a top 10 participant in those markets.'

'The combination of Sun Life Financial's strong variable annuity franchise in 
the U.S. with Keyport's impressive fixed annuity business creates a
wealth-management powerhouse positioned to meet the full array of client needs
from asset accumulation through retirement and estate planning,'  said James A. 
McNulty, Executive VicePresident, U.S.Operations,  Sun Life Financial. 'IFMG 
provides us with enhanced distribution power, positioning us solidly with an
impressive number of well-regarded U.S. banks., as well as providing a natural
complement to our existing distribution system which emphasizes brokers and
financial planners.'

Sun Life financial will finance the purchase price through a combination of
existing cash resources and external financing, which may include as much as
Cdn$500 million in equity. Excluding a one-time charge of US$65 million 
(Cdn$100 million) to be taken at closing, the acquisition is expected to be
immediately accretive to earnings per share (EPS) with an increase of 15 to 20
cents (Cdn) in 2002. The acquisition also represents a material step towards 
Sun Life Financial's goal of achieving a 15 per cent return on equity (ROE) and
is expected to add more than a full percentage point to ROE by 2003.

Sun Life Financial is a leading international financial services organization 
providing a diverse range of wealth accumulation and protection products and
services to individuals and corporate customers. Tracing its roots back to 1871,
Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada,  the United States,  the United Kingdom, Hong Kong,
the Philippines, Japan, Indonesia, India, and Bermuda. As of March 31, 2001 the
Sun Life Financial group of companies has total assets under management of
US$201 billion (Cdn$316 billion).

Sun Life Financial Services of Canada Inc. trades on the Toronto (TSE), 
New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol
'SLC', and on the London Stock Exchange under Ticker symbol 'SFC'.

This press release contains forward looking statements with respect to
the company, including its business operations and strategy and financial
performance and condition.  Although management believes that the expectations
reflected in such forward looking statements are reasonable, such statements 
involve risks and uncertainties.  Actual results may differ materially from
those expressed or implied by such forward looking statements. Factors that
could cause actual results to differ materially from expectations include, among
other things, general economic and market factors, including interest rates,
business competition, changes in government regulations or in tax laws and other
factors discussed in materials filed with applicable securities regulatory
authorities from time to time.


Media Contacts:
Corporate Office:           U.S. Office:
John Vincic                 Jeff Landis
[phone]              [phone]


Investor Contact:
Thomas R. Rice
[phone]