According to the news provider, the negotiations between the two companies fell apart in January because the two sides could not reach an agreement on terms. Unum, which is based in Tennessee, is not up for sale anymore, but would consider it if approached by another company, the news source said.
Sun Life, which is based in Toronto, has reportedly looked into acquiring US firms for a number of years, but has generally decided to not pursue deals, sources told the Journal. Analysts say that Sun Life was able to endure the financial crisis better than many insurance groups.
Unum is one of the major vendors of disability insurance to employer benefit programs in the country, according to the news source.
Previously, Unum has been subjected to lawsuits, including one case in which a Pennsylvania woman suffering from brain injuries claimed the company declined to give her long-term disability benefits, according to the Tribune-Democrat.