At the end of the 20th century, Mutual Life was Canada's fourth largest insurance company.

[3] In December 2001, Sun Life made a CAD 7.1 billion offer to acquire Clarica.

[5] Upon the purchase, Sun Life overtook Manulife to become Canada's largest insurance company.

After the sale, Clarica was merged into the Sun Life Assurance Company of Canada, and the corporation was dissolved at the end of 2002.

That year, Sun transferred the headquarters of its Canadian operations from Toronto to Waterloo, where they remain today.