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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Cogito Ergo Sum who wrote (109280)9/16/2008 5:12:46 PM
From: Libbyt  Read Replies (1) of 206223
 
You mentioned Sun Life in your post, and I'm not certain if you read the Sun Life disclosure yesterday afternoon about their Lehman exposure.

From a recent alert I received today:

SNPMarketScopeResearchNotes2008-09-16 14:58:17.000SLFSUN LIFE FIN'LB. HowlettS&P REITERATES SELL RECOMMENDATION ON SHARES OF SUN LIFE FINANCIALSLF says it holds $334M of bond securities and $15M in a derivative contract tied to Lehman. SLF expects to record a charge to earnings in Q3 and the amount will be determined then. SLF also has exposure to LEH stock through its investment management unit MFS. As of June 30, SLF had total assets under management of C$413B, so any losses related to Lehman's bankruptcy would be small in the context of the overall investment portfolio. We still believe shares will underperform the group based on SLF's weak competitive position in the U.S. and large exposure to the equity markets.|US;SLF|39734|255128

My personal customer experience dealing with Sun Life was extremely negative. Unfortunately my father passed away, and I had extreme difficulty trying to file a claim on a fairly large policy that had been owned by my parents for over 20 years. I had a great deal of difficulty reaching the claims department, and the person assigned to my policy. I later found out that the claims department for Sun Life has been out sourced to Ireland, even though there was no mention of this fact in the initial letter I received. Sun Life eventually paid most of the policy amount, but did not pay for the last year of the policy since my father died three days short of his policy anniversary. It took numerous letters to the company from myself and the agent involved with the policy to try to come up with the reason for the specific amount that the company finally paid, which was less than the policy amount.

I personally would never deal with Sun Life in the future. With a write off due to Lehman exposure it would seem that the dividend for this stock might be reduced in the future?
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