Sun Life Insurance and Annuity Company of New York is engaged in the sale of individual fixed and variable annuity contracts, individual life and group life insurance, and group stop loss and group disability insurance in New York.

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Commenting on the approval, a spokesperson for Delaware Life, said: "We are pleased that the NYDFS has approved the transaction.

"We have cooperated with the department as they carried out their regulatory duties to review our application, had a good experience working with them, and look forward to working with the agency in the future in the same constructive fashion as we have in the past."

The transaction is expected to close on 2 August 2013.

Delaware Life is owned by a private ownership group, which includes certain shareholders of Guggenheim Partners.

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