05:32 PM EDT, 08/26/2024 (MT Newswires) -- Sun Life Financial ( SLF ) after trade Monday said received regulatory and exchange permissions to renew its normal course issuer bid to repurchase and cancel up to 15-million shares, approximately 2.6% of the total outstanding.

The renewal takes effect on Aug.29 and runs for 12 months.

The NCIB will provide the company "with the flexibility to acquire common shares in order to return capital to shareholders" as part of its overall capital management strategy", it said.

Under its existing NCIB, which expires on Aug. 28, the company bought back 10.3 million of an allowed 17-million shares.

The company's shares closed down $0.01 to $73.61 on the Toronto Stock Exchange.