Ms. Jen Collier reports

INDEPENDENCE BLUE CROSS AND SUN LIFE ANNOUNCE NEW STOP LOSS INSURANCE COLLABORATION

Independence Blue Cross and Sun Life Financial Inc.'s Sun Life U.S. has entered a new collaboration to exclusively provide stop-loss insurance for Independence's self-financed group customers. Stop-loss insurance can protect self-financed employers who take on the financial risk of providing health insurance for their employees against large, unpredictable or catastrophic losses from higher-than-anticipated claims.

Independence offers a comprehensive approach to self-financed customers' health plans, helping clients balance and optimize health care costs while enhancing their employees' health care experience and overall well-being. The collaboration with Sun Life is a further demonstration of Independence's commitment to its customers.

"We selected Sun Life after a strategic search where we evaluated their capabilities and partnership approach against other national carriers," said Mike Sullivan, executive vice-president and president of diversified markets at Independence Blue Cross.

"In the end, it was a shared vision on how to best meet the needs of our customers that made this the right fit for Independence. With Sun Life, we can add even more value to our employer groups plans."

The Independence collaboration with Sun Life for stop-loss insurance will have customizable solutions with competitive pricing and reduced fees for Independence Blue Cross groups; reporting with actionable insights to make it easier for employers to make decisions about their Independence self-financed plans; cash flow solutions with an advance funding program to pay claims at the time they are received, rather than waiting for a reimbursement check after they are paid; and other new program features to be introduced in the future as Independence establishes Sun Life as the company's exclusive stop-loss partner.

"We are excited to partner with Independence Blue Cross on a risk-share agreement," said Jen Collier, president, health and risk solutions, Sun Life U.S. "Sun Life's stop-loss coverage helps employers manage the high costs of care while continuing to offer comprehensive health coverage for their employees. Working with Independence Blue Cross will give self-funded employers in southeastern Pennsylvania a stop-loss insurance option that helps drive both excellent care and efficient cost outcomes."

The Independence and Sun Life collaboration and all features will be effective Jan. 1, 2024. Select benefits will be available now through the end of 2023 for new Independence self-financed employer groups that choose Sun Life for stop-loss insurance.

About Sun Life Financial Inc.

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional clients.