Profile: Sun Life Financial Inc (SLF.N)
9 Dec 2016
Sun Life Financial Inc. (Sun Life Financial), incorporated on August 5, 1999, is the holding company of Sun Life Assurance Company of Canada. The Company is a financial services organization providing a range of protection and wealth products and services to individuals and corporate customers. The Company operates in five segments: Sun Life Financial Canada (SLF Canada), Sun Life Financial United States (SLF U.S.), Sun Life Financial Asset Management (SLF Asset Management), Sun Life Financial Asia (SLF Asia) and Corporate. The Company operates in Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda.
SLF Canada is a provider of benefits and pensions in the workplace in Canada. SLF Canada has three main business units: Individual Insurance & Wealth, Group Benefits (GB) and Group Retirement Services (GRS), which offer a range of protection, wealth accumulation and income products and services to employers, group members of company sponsored plans and individuals in their communities across Canada. Individual Insurance & Wealth offers Sun Life Global Investments (Canada) Inc. (SLGI) mutual funds and its segregated funds, Sun Life Guaranteed Investment Funds. Its products are marketed through a multi-channel distribution model consisting of the Career Sales Force in SLF Canada (CSF) and third-party distribution channels, including independent insurance and mutual fund licensed brokers and broker-dealers. Certain products, including accidental death insurance and personal health insurance, are marketed directly to retail clients in partnership with its advice channels while its CSF also distributes some third-party mutual funds. Its GB business unit is a provider of group life and health insurance products in Canada. It provides life, dental, drug, extended healthcare, disability and critical illness benefits programs to employers of all sizes. In addition, its Client Solutions area leverages its worksite advantage to offer voluntary benefits solutions to individual plan members, including post-employment life and health plans to members exiting their employer-sponsored plan. Its products are marketed and distributed across Canada by sales representatives in collaboration with independent advisors, benefits consultants and the CSF.
GRS is the provider of defined contribution plans and defined benefit solutions in Canada. The Company's services and product offerings include investment-only segregated funds and fixed rate annuities, stock plans, group life annuities, and pensioner payroll services. Its Defined Benefit Solutions business offers a range of de-risking solutions for defined benefit pension plans, such as liability-driven investing, annuity buy-outs and buyins, and longevity insurance to meet the needs of the pension market.
SLF U.S. has three business units: Group Benefits, International and In-force Management. Group Benefits 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. International serves high net worth clients in international markets, offering individual life insurance products and serving a closed block of wealth products. In-force Management includes certain closed individual life insurance products, primarily universal life and participating whole life insurance. SLF U.S.'s closed block of individual life insurance products consist of approximately 128,000 policies, primarily participating whole life and term insurance.
SLF Asset Management
SLF Asset Management is the Company's asset management segment composed of MFS Investment Management (MFS) and Sun Life Investment Management (SLIM). MFS is a global asset management firm with investment offices in Boston, Hong Kong, London, Mexico City, Sao Paulo, Singapore, Sydney, Tokyo and Toronto, which offers a selection of financial products and services. MFS manages assets for retail and institutional investors around the world through mutual and commingled funds, separately managed accounts, institutional products and retirement strategies. SLIM is an institutional investment management business and has operations based in the United States and Canada. SLIM delivers customized fixed income solutions, including liability-driven investing, and a suite of alternative, yield-oriented asset classes, including private fixed income, real estate, and commercial mortgages.
SLF Asia operates through subsidiaries in the Philippines, Hong Kong, Indonesia and Vietnam, as well as through joint ventures with local partners in the Philippines, Indonesia, Malaysia, China and India. The Company offers individual life insurance products in over seven markets, and group benefits and/or pension and retirement products in the Philippines, China, Hong Kong, India, Malaysia and Vietnam. It distributes the protection and wealth products to middle- and upper-income individuals, groups and affinity clients through multiple distribution channels. In Philippines, the Company distributes a range of protection and savings products through its career agency sales force and bancassurance channel. It offers individual and group life and health insurance products to individuals and businesses through its subsidiary, Sun Life of Canada (Philippines), Inc., and its joint venture with the Yuchengco Group, Sun Life Grepa Financial, Inc., in which it has approximately 50% ownership stake. In addition, it offers mutual funds through its subsidiary, Sun Life Asset Management Company. In Hong Kong, the Company offers a range of products to address protection and savings needs. The Company also offers individual life and health insurance, mandatory provident funds and pension administration to individuals and businesses through a career sales agency force and independent financial advisors. In Indonesia, the Company offers individual life and health insurance, as well as creditor life insurance through its subsidiary, PT Sun Life Financial Indonesia, and PT CIMB Sun Life, its joint venture with PT Bank CIMB Niaga.
In India, the Company provides a range of individual and group protection, savings and retirement products through a multi-channel distribution network, including a career agency sales force, bancassurance distribution, brokers and worksite marketing. The Company offers mutual fund products to both individual and institutional investors. In China, the Company operates a multi-distribution model that combines a direct career agency, financial consultants, telemarketing and bancassurance alliances to sell individual life and health insurance and savings products. In Vietnam, the Company offers individual insurance and pensions through PVI Sun Life Insurance Company Limited, its subsidiary. Its products are distributed through a career agency sales force and a corporate sales team. In Malaysia, the Company offers individual and group insurance through Sun Life Malaysia Assurance Berhad and Sun Life Malaysia Takaful Berhad, its joint ventures with Khazanah Nasional Berhad and CIMB Group Holdings Berhad.
Sun Life Financial Inc
150 King St W
TORONTO ON M5H 1J9