Sun Life Financial Inc. plans to launch a normal course issuer bid to purchase for cancellation up to 15 million common shares, which represent about 2.54% of the 591,038,889 common shares issued and outstanding as of June 30.

The plan is subject to the approval of the Office of the Superintendent of Financial Institutions in Canada and the Toronto Stock Exchange. The company will file a notice of intention with the Toronto Stock Exchange in this regard.

The normal course issuer bid is expected to commence Aug. 14 and continue until Aug. 13, 2020, or such earlier date as the company may determine or as the company completes its purchases pursuant to the issuer bid.

Under its current normal course issuer bid, which expires Aug. 13, Sun Life is authorized to purchase for cancellation up to 18 million common shares.