Kaufman & Broad expanded its annuity business.

Sun Life Insurance Co. of America, a wholly owned subsidiary of the Los Angeles-based developer and financial-services concern, said it completed a previously announced acquisition, for $30 million cash, of annuities worth about $575 million to policyholders from Denver-based Capitol Life Insurance. The move increased life insurance assets of Sun Life by more than 60%, Kaufman & Broad said. The transaction gave Sun Life a 50% stake in Capitol’s parent, Clico Holding Inc., and an option to acquire the remaining shares of Clico.