Sun Life Financial Inc. said it will streamline its insurance brands in Canada.
The Toronto insurance company announced Monday it will retire its well-known Clarica brand in order to invest more in its other brands.
SunLife said as a result of the changes it will take between $34.5 million and $43.06 million in after tax intangible asset writedowns in the first quarter. Also, in the next 12 months, the company expects to take charges of between $12.92 million and $17.22 million after tax as it spends to replace signs and other items related to the change.
Sun Life bought Clarica in 2002. Almost 2 million Canadians hold policies and accounts through Clarica, Sun Life said, adding it has a sales team of about 3,500.
The changes will be completed by the end of the first quarter next year and won't affect customers or service levels.
