Sun Life refocuses U.S. business, affirms dividend

TORONTO (Reuters) – Sun Life Financial shares jumped on Monday after the Canadian insurer said it would stop marketing variable annuities and individual life insurance in the United States, and signaled support for its lofty dividend unless financial markets wither. Canada’s No. 3 insurer billed its decision to pull out of two capital-intensive businesses that had become a drag on earnings as the start of a “new chapter.” The move comes just two weeks after Dean Connor took over as chief executive from longtime head Donald Stewart. …