The company made its decision after conducting a review of its business in key markets worldwide, which include Asia, the Middle East and Latin America.
“We have undergone a strategic review to evaluate how best to continue delivering on this commitment,” the company said in a statement to International Adviser on Monday.
“Our findings resulted in the decision to focus exclusively on providing Life Solutions. Therefore, we will continue to partner with our life insurance distributors serving international high net worth clients based in financial centres, including across Asia, the Middle East and Latin America.
However, it added: “We will no longer be accepting new applications for our two wealth products — Sun Secured Advantage Plus and Sun Investor.
"Our findings resulted in the decision to focus exclusively on providing Life Solutions."
“Current clients will continue to have the option to add to their positions and our Wealth Solutions Customer Service team will continue to provide the same high calibre service and support our clients have come to expect since they selected our wealth products.”
Sun Life provides a diverse range of protection and wealth products and services to individuals and corporate customers, distributed through a variety of channels, including direct sales agents, independent general agents, financial intermediaries, banks, and pension and benefits consultants.
Sun Life Financial and its units have operations in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda.
As of December 31, 2014, the Sun Life Financial group of companies had total assets under management of $734 bn (£492.7bn, €672bn).