TORONTO, Oct. 7 /CNW/ - Sun Life Financial today announced that it will continue to administer the Federal Government's Public Service Health Care Plan (PSHCP) after being selected as the first ranked bidder under a competitive government tendering process. The multi-year, multi-million dollar contract went into effect on September 24, 2009 and provides for plan administrative services. Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, has been the administrator of the plan since 1996.
"We are pleased to continue our partnership with the Federal Public Service Health Care Plan Administration Authority and the Treasury Board of Canada Secretariat," said Stuart Monteith, Senior Vice-President, Group Benefits, Sun Life Financial Canada. "The new contract contains many innovative and exciting features for plan members, and we look forward to working with the government in the implementation and delivery of these services."
The PSHCP is the largest employee benefit plan in Canada, representing three per cent of the group market share with over 580,000 active and retired plan members. On average, 300 members join the plan each day. Sun Life Assurance Company of Canada processes an average of 212,000 claims, handles 50,000 calls through its call centre and processes $60 million in claims each month.
"We value our long-standing relationship with the PSHCP and are delighted to see it continue," said Dean Connor, President, Sun Life Financial Canada. "Retaining this important client is a testament to our employees who have provided plan members with excellent customer service through the years."
Sun Life Financial first introduced group benefits in 1919. Today, the company is one of the leading providers of group benefits in Canada, serving over three million plan members and their dependants.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2009, the Sun Life Financial group of companies had total assets under management of $397 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
SOURCE Sun Life Financial Inc.
For further information: For further information: Krista Wilson, Manager, Media & Public Relations, Sun Life Financial Canada, (519) 888-3900 x4896, Krista.email@example.com