Common share offering closed

Sun Life Fin.Services of Canada Inc
10 October 2001


       SUN LIFE FINANCIAL ANNOUNCES CLOSING OF COMMON SHARE OFFERING

(Toronto, October 4, 2001) Sun Life Financial Services of Canada Inc. (NYSE, 
TSE: 'SLC') today announced the closing of the sale of 11,000,000 common shares 
at a price of Cdn$30.00 per share. This transaction raised Cdn$330 million, 
which is to be used as a portion of the financing for the acquisition of 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. As at June 30, 
2001, Keyport had US$19 billion (Cdn$27 billion) in assets under management. 
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 offering was sold through a syndicate of underwriters jointly led by Morgan 
Stanley & Co. Incorporated and RBC Dominion Securities 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. As of June 30, 2001, the 
Sun Life Financial group of companies has total assets under management of 
Cdn$326 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:
John Vincie                                     Francine Cleroux 
[phone]                                   [phone]

Investor Contact:
Thomas Rice 
[phone]