The New York Department of Financial Services (NYDFS) has approved the purchase of Sun Life Financial’s US annuity business by Delaware Life Holdings.
Delaware Life Holdings is owned by shareholders of Guggenheim Partners, a diversified financial services firm.
A spokesperson of Delaware Life said that the financial regulator has approved the transaction.
"We have cooperated with the department as they carried out their regulatory duties to review our application, had a good experience working with them, and look forward to working with the agency in the future in the same constructive fashion as we have in the past," the spokesperson added.
The transaction is likely to complete on 2 August 2013.