LONDON Oct 19 Canadian insurer Sun Life
Financial is committed to Britain, it said on Friday
after the Financial Times reported it had shelved plans to sell
its British division.
"Sun Life Financial is committed to the UK market," a
spokesman said, declining to comment directly on the FT report.
Sun Life, Canada's third-biggest life insurer, was reported
in May to have hired bankers to sell its British business
because it wanted to avoid Europe's planned new Solvency II
capital rules for insurers.
Sun Life is prioritising expansion in the booming economies
of south-east Asia, and said last month it aimed to grow through
The company was in the running to buy British rival Aviva's
Sri Lankan operation, eventually sold to Hong Kong-based AIA
, sources told Reuters last month.
Sun Life's British unit has 750,000 policyholders and held
nearly 12 billion pounds ($19.36 billion) of assets as of June
30 this year. The annuity-focused business stopped accepting new
customers in 2010.