Profile: Sun Life Financial Inc (SLF.N)
24 Apr 2015
Sun Life Financial Inc. (SLF Inc.), incorporated on August 5, 1999, is an international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. The Company and its partners have operations in key markets around the world, including Canada, the United States, the United Kingdom (U.K.), Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam and Bermuda. The Company operates in five business segments: SLF Canada, SLF U.S., MFS, SLF Asia and Corporate. The Corporate segment includes SLF U.K. and Corporate Support operations. These reportable segments operate in the financial services industry and reflect its management structure and internal financial reporting. Corporate includes the results of its U.K. business unit and its Corporate Support operations, which include its run-off reinsurance operations, as well as investment income, expenses, capital and other items not allocated to its other business groups.
SLF Canada is provides client base consisting of millions of people across Canada. Its distribution breadth, service, technology infrastructure and brand recognition provide a platform for growth. SLF Canada’s three business units :Individual Insurance & Investments, Group Benefits and Group Retirement Services , which offers a range of protection and wealth accumulation products and services to individuals and corporate clients.
The Company’s group benefits business unit is a provider of group life and health insurance products in Canada. It provides life, dental, drug, extended health care, disability and critical illness benefits programs to employers of all sizes. In addition, voluntary benefits solutions are offered directly to individual plan members, including post-employment life and health plans to members exiting their plan. It is an innovation, competing on the strength of an industry technology platform, a Total Benefits offering, and integrated health, wellness and disability management capabilities. Its products are marketed and distributed across Canada by experienced sales representatives in collaboration with independent advisors, benefits consultants and the Sun Life Financial Career Sales Force. Group retirement services (GRS) is the provider of defined contribution plans in Canada, serving over one and a half million plan participants at the end of 2013. It also offers other group retirement services and products, including investment-only segregated funds and fixed rate annuities, stock plans, group life annuities, pensioner payroll services and solutions for de-risking defined benefit pension plans.
SLF U.S. consists of two business units: employee benefits group (EBG) and Life and Investment Products. EBG provides protection solutions to employers and employees including group life, disability, medical stop-loss and dental insurance products, as well as a suite of voluntary benefits products. The Life and Investment Products business includes its international business, which provides international high net worth clients with insurance and investment products. The SLF U.S. EBG business unit leverages its underwriting and distribution capabilities to provide group life, long-term and short-term disability, medical stop-loss and dental insurance, as well as a suite of voluntary benefits products, to over 10 million group plan members. The Life and Investment Products business includes its international business, which provides international high net worth clients with insurance and investment products, and those closed domestic individual life insurance products that are part of its Continuing Operations.
MFS Investment Management
FS, a global asset management firm, offers a comprehensive selection of financial products and services. Drawing on an investment heritage that emphasizes collaboration and integrity, MFS actively manages assets for retail and institutional investors around the world through mutual funds, separately managed accounts and retirement plans. MFS sells its retail products primarily through financial intermediaries. Retail products, such as mutual funds and private portfolios, are distributed through financial advisors at wirehouses, regional brokerage firms, independent broker dealers, banks and registered investment advisors. MFS also manages assets for institutional clients and discretionary managers, including corporate and public pension plans, defined contribution plans, multi-employer plans, investment authorities and endowments and foundations. Institutional products are sold by an internal sales force, which is aided by a network of independent consultants.
SLF Asia operates through subsidiaries in Philippines, Hong Kong and Indonesia, as well as through joint ventures with Philippines, Hong Kong, Indonesia, India, China and Vietnam. These seven markets account for approximately 70% of Asia’s total population. Its regional Office in Hong Kong facilitates growth opportunities in Asia, and supports the sharing of practices and resources throughout SLF Asia’s operations. Its operations in the Philippines, distribute a diverse range of protection and savings products largely through its career agency sales force. It offers individual and group life and health insurance products to individuals and businesses through its wholly-owned subsidiary, Sun Life of Canada (Philippines), Inc., and its joint venture with the Yuchengco Group, Sun Life Grepa Financial, Inc., in which it has a 49% ownership stake.
The Company offers individual life and health insurance as well as group life insurance and savings products in the markets in which it operates. It offers pension and retirement products in Hong Kong and India, and mutual funds in the Philippines and India. It distributes these protection and wealth products to middle- and upper-income individuals, groups and affinity clients through multi-distribution channels, with agency remaining the distribution channel. Its Hong Kong operations offer a range of products to address protection and savings needs. In Indonesia, it offers individual life and health insurance, as well as creditor life insurance through its wholly-owned subsidiary, PT Sun Life Financial Indonesia, and PT CIMB Sun Life, its joint venture with PT Bank CIMB Niaga, in which it has a 49% ownership stake.
The Company’s corporate segment includes the results of SLF U.K. and Corporate Support operations that consist of the Company’s run-off reinsurance business, as well as investment income, expenses, capital and other items not allocated to Sun Life Financial’s other business segments. Its run-off reinsurance business is a closed block of reinsurance assumed from other insurers. Coverage includes individual disability income, long-term care, group long-term disability and personal accident and medical coverage, as well as guaranteed minimum income and death benefit coverage. Discontinued Operations in Corporate relate to Corporate Support only.
Sun Life Financial Inc
150 King St W
TORONTO ON M5H 1J9
Company Web Links
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