By Christopher Kuo
Sun Life Financial reached a settlement in principle to resolve a class action lawsuit related to individual life insurance policies sold by MetLife in the 1980s and 1990s that it inherited through historical Canadian acquisitions.
SunLife said Thursday that under the terms of the agreement it would provide up to $213.5 million in settlement value to eligible policy holders. The company expects this to result in a charge of about $145 million to net income in the first quarter of 2026.
The settlement does not involve policies or products sold by Sun Life, the company said.
If the settlement is approved by the court, Sun Life plans to seek full recourse from MetLife pursuant to an indemnity the company provided related to the policies.
Write to Christopher Kuo at chris.kuo@wsj.com
(END) Dow Jones Newswires
04-30-26 1815ET
