Toronto-Based Insurance Firm to Close British Sales Operation, Cut 1,700 Jobs

February 20, 2001

Sun Life of Canada is shutting its UK sales operation and cutting1,700 jobs over the next three years. The company, which has 100,000 UK shareholders, also issued a profits warning, saying that meeting expectations would be “a challenge.”

The company is closing its doors to individual UK customers but will continue to deal with corporate clients.

An expected 300 staff will remain at the UK headquarters in Basingstoke to service 800,000 policyholders.

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