About 40 workers are being laid off at Sun Life's Waterloo offices, with a total of 90 layoffs announced across the company.
Sun Life currently has a workforce of 3,300 in Waterloo and 7,500 in total.
A company spokesperson says business conditions are changing, and the company has to become more efficient while investing in other areas.
Sun Life Financial posted a $621 million loss for the period from July to September 2011.
The company is feeling the effects of a less than rosy outlook for the economy and interest rates.
More to come.
