05:48 PM EDT, 08/26/2024 (MT Newswires) -- Sun Life Financial ( SLF ) said Monday it received regulatory approvals for the renewal of its stock repurchase plan under the normal course issuer bid for up to 15 million common shares.

The new plan commences Thursday and will end on Aug. 28 next year. Purchases may be made from time to time through the open market at prevailing market rates, or private agreements, the company said.

Sun Life had repurchased about 10.3 million shares as of Aug. 20 under the previous plan.

The new plan covers roughly 2.6% of its issued and outstanding shares as of Aug. 20, and was approved by the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange.