Sun Life Assurance Company Declares Quarterly Dividend of $0.40625 on Class E Non-Cumulative Preferred Shares

Business Wire, July 29, 2004

TORONTO -- The Board of Directors of Sun Life Assurance Company of Canada today announced a quarterly shareholder dividend of $0.40625 on each issued and outstanding paid-up Class E Non-Cumulative Preferred Share, Series 1 of Sun Life Assurance Company of Canada (TSX: SLA.PR.E), payable September 30, 2004 to shareholders of record at close of business on August 25, 2004.

Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.

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 1865, 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, China and Bermuda. As of June 30, 2004, the Sun Life Financial group of companies had total assets under management of CDN$373.0 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.

Note to Editors: Allfigures in Canadian dollars.