Acquisition

Sun Life Fin.Services of Canada Inc
1 November 2001



                      SUN LIFE FINANCIAL ANNOUNCES CLOSING 
             OF THE PURCHASE OF KEYPORT AND INDEPENDENT FINANCIAL


(TORONTO, ONTARIO and WELLESLEY HILLS, MA, November 1, 2001) - Sun Life 
Financial Services of Canada Inc. (NYSE, TSE: 'SLC') today announced the closing
of the purchase of Keyport Life Insurance Company ('Keyport') and Independent 
Financial Marketing Group ('Independent Financial') from Liberty Financial 
Companies, Inc. ('Liberty Financial') for a total of US$1.7 billion (Cdn$2.6 
billion). Regulators in the U.S. and Canada, as well as shareholders of Liberty 
Financial, approved the acquisition.

'These key U.S. acquisitions represent a significant milestone for Sun Life 
Financial.' said Donald A. Stewart, Chairman and Chief Executive Officer. 
'Keyport and Independent Financial will add scale, strengthen our product 
portfolio and expand our distribution in key target product markets in North 
America.'

'We are very excited about the business opportunities that lie ahead now that we
have completed this acquisition,' said James A. McNulty, Executive Vice-
President, U.S. Operations, Sun Life Financial. 'With Keyport products, we'll be
able to offer our customers more financial solutions to meet their ever-changing
needs, while reaching additional customers through the Independent Financial and
Keyport distribution networks.'

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 generated total annuity sales of 
US$2.7 billion (Cdn$4.2 billion) in 2000. Keyport's 2000 variable annuity sales 
of US$717 million (Cdn$1.1 billion) will bring Sun Life Financial's pro forma 
variable annuity sales to US$5.1 billion (Cdn$7.6 billion).

Based in Purchase, New York, Independent Financial is a leading provider of 
annuities and mutual funds to financial institutions across the U.S. The company
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$3.3 billion (Cdn$5.0 
billion) in 2000.

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 September 30, 2001 
the Sun Life Financial group of companies has total assets under management of 
US$189 billion (Cdn$299 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.'


Media Contacts:
Corporate Office:                         U.S. Office
John Vincic                               Jeff Landis
[phone]                            (781) 446 - 1955

Investor Contact:
Thomas R. Rice
(416) 204 - 8163