PublicOffering/Global Trading

Sun Life Financial Services of Canada Inc
23 March 2000



      SUN LIFE FINANCIAL SERVICES OF CANADA INC. SHARES
             TO BEGIN TRADING ON GLOBAL MARKETS

(TORONTO,  Thursday, March 23, 2000) -  Sun  Life  Financial
Services  of  Canada Inc. ('Sun Life Financial  of  Canada')
announced today that the underwriters of its Initial  Public
Offering (IPO) have agreed to purchase 143,602,914 shares at
Cdn$12.50  per share (£5.39), resulting in a total  offering
of Cdn$1.8 billion/£0.8 billion and market capitalization of
Cdn$5.0  billion/£2.2 billion.  The IPO is the last step  in
the  demutualization process for Sun Life Assurance  Company
of  Canada (Sun Life of Canada).  The demutualization became
effective on March 22, 2000.

Dealings  in  the  shares  are  expected  to  begin  trading
simultaneously on The Toronto Stock Exchange (TSE)  and  the
New York Stock Exchange (NYSE) under the ticker symbol 'SLC'
and  the London Stock Exchange (LSE) under the ticker symbol
'SFC'  on  March  23, 2000 at 2:30 p.m.  GMT.   Dealings  in
shares are also expected to begin trading on March 24,  2000
on the Philippine Stock Exchange (PSE) when it opens at 9:00
a.m. (Manila time) under the ticker symbol 'SLC'.

Initially,  all  dealings will be on  a  conditional  basis.
Admission  of the entire issued share capital  of  Sun  Life
Financial  of  Canada to the Official List of  the  LSE  and
unconditional dealings on the TSE, the NYSE, the LSE and the
PSE  are expected to commence at 2:30 p.m. GMT on March  29,
2000.

All   dealings  between  the  commencement  of   conditional
dealings and the commencement of unconditional dealings will
be  on  a  when  issued basis.  If the IPO does  not  become
unconditional in all respects, all such dealings will be  of
no  effect and any such dealings will be at the sale risk of
the parties concerned.

Of  the  total  143,602,914 common  shares  offered,
46,076,136 shares are being offered by Sun Life Financial to
fund payments to policyholders in respect of demutualization
and   97,526,778   shares   are  being   sold   by   selling
policyholders   resident   in   the   United   States,   the
Philippines, the United Kingdom, Hong Kong and elsewhere.

The  underwriters  have a 30-day option to  purchase  up  to
21,540,437 additional common shares at the offering price to
cover  over-allotments, if any, and for market stabilization
purposes.


In  connection  with  the  IPO,  Morgan  Stanley  Securities
Limited   may   over-allot  or  effect  transactions   which
stabilise  or  maintain the market price of  the  shares  at
levels above those which might otherwise prevail in the open
market.   Such transactions may be effected on  the  LSE  by
Morgan Stanley Securities Ltd. or by the underwriters on the
TSE,  the NYSE and the PSE.  Such stabilising, if commenced,
may be discontinued at any time.

The proceeds from the offering (excluding the over-allotment
option  available to the underwriters) will be used to  fund
the  payments to eligible policyholders required to  receive
cash  and  policy  credits, and  to  fund  the  payments  to
eligible   policyholders   who  chose   to   receive   their
demutualization  benefits as cash.   Eligible  policyholders
who  chose cash can expect to have payment mailed within two
weeks following the closing of the IPO, which is expected to
occur on March 29, 2000.

The  closing  of  the IPO will mark the  completion  of  the
demutualization process of Sun Life of Canada.  The Canadian
Secretary  of  State (International Financial  Institutions)
Jim  Petersen  approved Sun Life of Canada's demutualization
plan on March 22, 2000.

The  global bookrunner for the offering is Morgan Stanley  &
Co.  Incorporated  and  the  global  co-ordinators  for  the
offering  are  Morgan  Stanley & Co.  Incorporated  and  RBC
Dominion Securities Inc.

Sun  Life of Canada commenced business in 1871 and has grown
to   become   a   diversified  global   financial   services
organization with total assets under management  of  Cdn$301
billion as at December 31, 1999.

Sun  Life  of Canada and its subsidiary companies provide  a
wide  range  of savings, retirement, pension  and  life  and
health  insurance products and services to  individuals  and
corporate  customers in select world markets.  Sun  Life  of
Canada operates primarily in Canada, the United States,  and
the United Kingdom and also has operations in Asia and South
America.

The contents of this press release, which have been prepared
by  and are the sole responsibility of Sun Life Financial of
Canada,  have  been  approved  by  Morgan  Stanley   &   Co.
International Limited (which is regulated by The  Securities
and  Futures  Authority Limited) solely for the purposes  of
Section 57 of the Financial Services Act 1986 of the  United
Kingdom.

Morgan  Stanley  &  Co.  International  Limited,  which   is
regulated  by The Securities and Futures Authority  Limited,
is  advising Sun Life Financial of Canada and no one else in
relation  to  the  offering and will not be  responsible  to
anyone other than Sun Life Financial of Canada for providing
the  protections afforded to customers of Morgan  Stanley  &
Co.  International  Limited  nor  for  providing  advice  in
relation to the offering.


Listing  Particulars  for the purpose  of  Part  IV  of  the
Financial Services Act 1986 are expected to be published  on
March 23, 2000.  From March 23, 2000, copies of the Listings
Particulars  will be available for inspection by the  public
during  normal  business hours on any weekday (Saturday  and
public  holidays  excepted)  at  the  Company  Announcements
Office  of  the London Stock Exchange Limited,  Capel  Court
Entrance, off Bartholomew Lane, London EC2N 1HP and will  be
available for collection from the offices of IRG plc, Bourne
House,  34 Beckenham Road, Kent BR3 4TU for a period  of  14
days from March 23, 2000.

This  announcement does not constitute or form  part  of  an
offer,  or any solicitation of an offer for securities,  and
any  purchase  of  shares in Sun Life  Financial  of  Canada
should only be made on the basis of information contained in
the Listing Particulars.

All figures are in Canadian dollars unless otherwise stated.
An exchange rate of Cdn$2.319 per £1 has been used to derive
the  value in pounds sterling, based on the rate of exchange
on March 22, 2000.

Web site: www.sunlifeofcanada.com

Note to Editors:  For media outlets intending to publish  or
broadcast the new Sun Life Financial logo, digital files  of
the  artwork,  together  with guidelines  on  its  use,  are
available for download from a secure website. Please contact
the media representative in your area.

Media Contacts:

Canada
Audrey Gouskos     Francine Cleroux
[phone]     [phone]

United States      United Kingdom
Keith Moore        John Moulding        
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