NEW YORK (AP) — Insurer Sun Life Financial Inc. said Friday that the sale of its U.S. annuities business to Delaware Life Holdings LLC is likely going to be delayed because it hasn't yet received regulatory approval.

Sun Life agreed to sell the annuities business in December for $1.35 billion.

Sun Life said that the New York Department of Financial Services is currently conducting a review of private investor groups as owners of annuity businesses. While Sun Life had anticipated the sale of the annuities business would close before the end of the second quarter, the Canadian company said that it now expects the review will delay the closing.

Sun Life said it continues to work with Delaware Life to get approval from the NYDFS for the deal so that it can close on it as soon as possible.

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