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Sun Life Financial Insurance

December 29th, 2016 Leave a comment Go to comments


By : Aries Kurniawan

History and understanding of the Sun Life Financial Insurance

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Sun Life Financial Inc. is an international financial services company, and is known primarily as a life insurance company, but also has a strong presence in investment management with more than $ 494 billion in assets under management. Based in Toronto , Canada , Sun Life and its partners provide insurance , retirement and investment solutions for individuals and businesses around the world including Canada , USA, UK , Hong Kong , Philippines , Japan , Indonesia , India , China and Bermuda . Sun Life ranks number 236 on the Forbes Global 2000 list for 2010 as well as on the Fortune 500 list.

The company’s history began Before World War II, which was established in Montreal, Quebec, as The Sun Insurance Company of Montreal in 1865 by Mathew Hamilton Gault , an Irish immigrant who settled in Montreal in 1842 , the operation actually began in 1871 . At the end of the 19th century it had expanded to Central and South America, United States, England, West Indies, Japan, China, India, North Africa and other international markets. Over the next five decades, the company grew and evolved, endured the tribulations of World War I and the large drain on finances through policy claims arising from the large number of deaths caused by the Great Flu Epidemic of 1918.

Original Dominion Square building in Montreal was built company in 1918. Capping Montreal construction boom that began in 1920, the company has completed the expansion of its headquarters building with 26 floors of the north tower new headquarters in 1933 . Although the head office of the Royal Bank of Canada , St James Street higher by several floors , the Sun Life Building at that time the largest building in terms of square footage anywhere in the British Empire .

Mapping in 1865, they were fully committed to the life insurance busines , all over the world . After starting their first operation in the U.S. in 1895, they sold their first group life plans in the United States in 1924.

In 1999, Sun Life officially returned to India and China when it established two joint ventures – Birla Sun Life in India with local partner Aditya Birla Group, and Sun Life Everbright in China with partner China Everbright Limited. Over the next decade, both operations grew rapidly that in September of 2008, there were 132,460 Birla Sun advisors working in 600 branches across India while Sun Life Everbright opened the sixth branch in Guangzhou, bringing its presence to 18 cities in China.

Then in early 1998, Sun Life announced its intention to demutualization. In March 2000 , Initial Public Offering (IPO ) of its shares begin trading on the Toronto ( TSX ) , New York ( NYSE ) and Philippine ( PSE ) stock exchanges .

Meanwhile, in 2002, The Sun Life is combining its operations with Clarica Life Insurance Company of Waterloo, Ontario. Founded in 1870 as Mutual Life of Canada, Clarica known as The Mutual Group before it went public in 1999. Waterloo, Ontario became home to the Canadian operations is at 227 King Street South , the former head of the Office for Mutual Life Assurance Company , while the regional office and Sun Life’s corporate headquarters remained in Toronto . There are also regional offices in Montreal, Ottawa, Edmonton, Vancouver, Halifax and Calgary. Once integrated operations, Clarica brand name continued to be used for certain products and activities until his retirement in 2007. In 2005, Sun Life opened a service center in Gurgaon , India to provide business process and technology support for Sun Life Financial business units around the world . In the same year, Sun Life purchased CMG Asia and CommServe Financial, the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia, tripling its customer base and adding group insurance and pensions to the business lines.

Sun Life purchased the employee benefits business Genworth Financial, placing itself in the top 10 in the U.S. group benefits market in 2007. Subsequently, in 2008, Sun Life sold its stake of 37% in CI Financial Income Fund to Scotiabank. Sun Life was originally acquired a significant ownership in the company by selling mutual fund subsidiaries to CI Financial in 2002. Although it no longer has an interest in CI Financial, Sun Life continues to have a distribution arrangement with CI Financial.

On September 30, 2008, Sun Life had assets under management of Cdn $ 389.000.000.000 and including joint ventures had more than 28,000 employees and 147,590 advisors in 22 countries serving more than 25 million customers around the world. Birla Sun Life is ranked as one of six private life insurance companies in India and while in Canada, in several lines of business including Defined Contribution Pension Plans in, Group RRSPs and Deferred Profit Sharing Plans.

Sun Life Financial Inc. shares trade on the Toronto, New York, and Philippines Stock Exchange. It is one of Standard & Poor’s Global 1200 companies. In January 2013, Sun Life Insurance acquires Aviva PLC joint venture with Malaysian lender CIMB Group for a total of $ 597 million. Sun Life acquired the business along with the Malaysian state investor Khazanah Nasional .

Thus had an explanation of the history and understanding of the insurance company Sun Life Financial, Sun Life Financial has in products, services and advice to meet your needs and help you develop a solid financial plan.

The company is also a leading supplier of group benefits, group retirement and savings plans in Canada, to help employers protect their employees. Sun Life Financial insurance products annuities, life and health insurance and related services are issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group. For faster service you can call on:

Call: 1-800-361-6212
Email: Log in to send a secure message mysunlife.ca.
Hours: Monday to Friday, 8:00 to 8:00 ET

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