Closing of Offering

Sun Life Fin.Services of Canada Inc
19 October 2001



Sun Life Financial announces closing of SLEECS offering

(Toronto, October 19, 2001) - Sun Life Financial Services of Canada Inc. (NYSE, 
TSE: 'SLC') today announced that Sun Life Capital Trust, a trust established by 
Sun Life Assurance Company of Canada, has completed the offering in Canada of 
$950 million of Sun Life ExchangEable Capital Securities -- Series A ('SLEECS').
The proceeds of the offering will be used to finance a portion of the purchase 
price for Keyport Life Insurance Company ('Keyport') and Independent Financial 
Marketing Group, Inc. ('IFMG').

Keyport is a Boston-based speciality insurance company providing a diversified 
line of fixed, indexed and variable annuity products in the U.S. IFMG is a 
leading third-party marketer of insurance and investment products to retail 
customers through banks in the U.S. These acquisitions will complement both Sun 
Life Financial's product array and distribution capabilities. 

The lead underwriters for the SLEECS offering were Scotia Capital Inc. and 
Merrill Lynch Canada Inc. 

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.

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 is not an offer of the SLEECS for sale in the United States. 
The SLEECS have not been and will not be registered under the U.S. Securities 
Act of 1933 and may not be offered or sold in the United States absent 
registration or an available exemption from registration requirements.

Media Contacts:  
John Vincic
[phone]  

Francine Cleroux
[phone]  

Investor Contact:
Thomas R. Rice
[phone]