Sun Life Financial Inc. intends to purchase common shares for cancellation pursuant to a share repurchase program.

The program will form part of the insurer's normal course issuer bid announced in August 2017, which provides authorization for the purchase of up to 11.5 million common shares during a 12-month period.

Sun Life has entered into a program agreement with a third party to repurchase common shares through daily purchases between Feb. 20 and the earlier of Aug. 13 and the date on which Sun Life will have purchased 3,230,000 common shares from the third party pursuant to the program.

Sun Life currently intends to purchase the maximum of 3,230,000 common shares under the program. All common shares purchased by Sun Life from the third party will be canceled and Sun Life will be prohibited from purchasing any other common shares during the program's duration.