Acquisition of Buffett & Company deepens commitment to improving the health of Canadian employees
TORONTO, April 13 /PRNewswire-FirstCall/ - Sun Life Assurance Company of Canada ("Sun Life") today announced it has agreed to acquire full ownership of Buffett & Company Worksite Wellness Inc. (Buffett & Company). Buffett & Company is a pioneer in evidence-based workplace wellness programs in Canada and this acquisition will significantly strengthen Sun Life's leadership and growth capabilities in supporting employee and organizational health. Sun Life has held a 36 per cent stake in Buffett & Company since 2008.
"Buffett & Company has a stellar reputation and we are proud to add its industry-leading capabilities to Sun Life," said Stuart Monteith, Senior Vice-President, Group Benefits, Sun Life Financial Canada. "Health is an important issue in business today. This acquisition will put Sun Life at the forefront of the workplace wellness movement, enabling us to deliver leading edge programs and services to help employers create healthier, more productive workplaces."
Founded in 1981, Buffett & Company is a leading provider of comprehensive worksite wellness programs and consulting services. Operating across Canada, it works with a broad spectrum of public and private sector clients and provides services ranging from preliminary health assessment to strategy development and on-site program delivery.
"We are pleased to be joining Sun Life as we have a shared commitment to improving the health of Canadian employees," said Janet Young, head of Buffett & Company. "The two companies have had a strong relationship for many years through our founder Ed Buffett, a visionary in the worksite wellness business. Ed built Buffett & Company into a leading provider of these programs in Canada."
According to the Sun Life Financial Canadian Health Index(TM) released in December 2010, almost 60 per cent of Canadian employees exhibit three or more unhealthy behaviours. This means a large number of today's workforce may be at risk for health issues in the future and employers remain ideally positioned to break down the barriers through workplace wellness programs. The study also revealed that six in 10 Canadians believe their employer has some responsibility when it comes to their health.
"We are excited to be building on the strong momentum of Buffett & Company and our own HealthyRETURNS program," said Monteith. "We look forward to bringing more innovative, client- centred solutions to the marketplace and raising the profile of workplace wellness in Canada."
Sun Life Assurance Company of Canada is a subsidiary of Sun Life Financial Inc. Terms of the acquisition were not disclosed and the transaction is subject to regulatory approval and customary closing conditions.
Please see our Health and Wellness Fact Sheet for more information.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of December 31, 2010, the Sun Life Financial group of companies had total assets under management of $464 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
SOURCE Sun Life Financial Inc.