Sun Life Financial Inc. has added new leadership to its U.S. annuities division to increase variable annuity sales, but analysts say the Toronto company has to overcome larger competitors as well as wary advisers and consumers.

Terry Mullen, the president of the division, Sun Life Financial Distribution in Wellesley, Mass., who was hired from Lincoln Financial Group last year, said Sun Life has "aggressively topgraded" its wholesalers over the past fives months to boost distribution.

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