CORRECTED-UPDATE 2-Sun Life to sell U.S. annuity business

Mon Dec 17, 2012 2:14pm EST
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(Corrects relationship between Delaware and Guggenheim in paragraphs 1,4)

* Delaware Life Holdings to pay $1.35 bln for business

* Delaware owned by shareholders of Guggenheim Partners

* Deal to cut Sun Life annual earnings by C$0.22/shr

* Sun Life's book value to drop by C$950 mln

* Its cash position will rise by C$1.9 bln

* Shares down 2.5 pct on Toronto Stock Exchange

By Cameron French

TORONTO, Dec 17 (Reuters) - Sun Life Financial Inc will sell its U.S. annuity business for $1.35 billion to a firm connected to Guggenheim Partners in a deal that should reduce the exposure of the insurer's earnings to market swings and boost its cash levels.   Continued...