Profile: Sun Life Financial Inc (SLF.N)
18 Aug 2017
Sun Life Financial Inc. (Sun Life Financial), incorporated on August 5, 1999, is the holding company of Sun Life Assurance Company of Canada (Sun Life Assurance). The Company is a financial services company providing a range of insurance, wealth and asset management solutions to individuals and corporate Clients. Sun Life Financial has operations in a range of markets around the world, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. The Company operates through five segments: Sun Life Financial Canada (SLF Canada), SLF U.S., Sun Life Financial Asset Management (SLF Asset Management), SLF Asia and Corporate.
SLF Canada is a provider of retail insurance and investment advice, providing products and services to people across Canada. SLF Canada is also 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 insurance, wealth and income products and services to employers, group members of company sponsored plans and individuals in their communities across Canada. Individual Insurance & Wealth's focus is to help Canadians achieve lifetime financial security by delivering a range of life and health insurance and investment products, service and advice. It offers a spectrum of choices to each client for their holistic life, health and wealth needs. This includes its individual wealth manufactured products Sun Life Global Investments (Canada) Inc. (SLGI) mutual funds and Sun Life Guaranteed Investment Funds segregated 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 non-SLGI mutual funds and certain third-party insurance products, such as disability insurance.
The Company's GB business unit is a provider of group life and health insurance products in Canada. It provides life, dental, 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. GRS is the provider of defined contribution plans and defined benefit solutions in Canada. In addition, its client solutions area leverages its worksite advantage to offer voluntary savings plans, including post-employment plans, to those members exiting their employer-sponsored plans. Other 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 buy-ins and longevity insurance. As of December 31, 2016, its CSF provided holistic financial advice, including a range of insurance, health and wealth products, through a sales power located in over 1,200 communities across Canada.
The SLF U.S. segment has three business units: Group Benefits, International and In-force Management. Group Benefits provides insurance solutions to employers and employees, including group life, disability, medical stop-loss, dental and vision 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 manages a closed block of wealth products. In-force Management includes certain closed individual life insurance products, primarily universal life and participating whole life insurance. Group Benefits also includes Disability Reinsurance Management Services, Inc., which provides turnkey disability risk management products and services to other insurance companies. International offers individual life insurance solutions to high net worth individuals residing outside the United States and Canada. As of December 31, 2016, SLF U.S.'s closed block of individual life insurance products consisted of approximately 120,000 policies, primarily universal life and participating whole life insurance.
SLF Asset Management
The Company's asset management segment is SLF Asset Management consisting of MFS Investment Management (MFS) and Sun Life Investment Management (SLIM). MFS is a global asset management company, which offers a range 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 and commingled funds, separately managed accounts, institutional products and retirement strategies. MFS manages assets for retail and institutional investors. Retail products, such as open- and closed-end mutual funds and private portfolios, are distributed through financial advisors and other professional buyers at wirehouses, regional brokerage firms, independent broker dealers, bank-registered investment advisors and wealth management firms. MFS also manages assets for institutional Clients and discretionary managers, including corporate and public pension plans, defined contribution plans, multi-employer plans, sovereign wealth funds, investment authorities, and endowments and foundations.
SLIM is an institutional investment management business. 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. SLIM delivers customized fixed income solutions, including liability-driven investing through Bentall Kennedy group of Companies; Prime Advisors, Inc. (Prime Advisors), an investment management company specializing in customized fixed income portfolios primarily for the United States insurance companies; Ryan Labs Asset Management Inc., which is specializing in fixed income and liability-driven investing, and Sun Life Institutional Investments (Canada) Inc., which provides investment services in alternative asset classes and liability-driven investing to pension funds and other institutional investors. SLIM products are sold by the individual companies through internal sales teams.
The SLF Asia segment operates through subsidiaries in the Philippines, Hong Kong, Indonesia and Vietnam, as well as through joint ventures and associates with local partners in the Philippines, India, China and Malaysia. As of December 31, 2016, the Company had offered individual life insurance products in all seven markets, and group benefits and/or pension and retirement products in the Philippines, Hong Kong, Vietnam, India, China and Malaysia. It has also established asset management companies either directly or through joint ventures and associates in the Philippines, India and China. It distributes these insurance and wealth products to middle- and upper-income individuals, groups and affinity Clients through multiple distribution channels. Its operations in the Philippines distribute a range of insurance 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. In addition, it offers mutual funds through its subsidiary, Sun Life Asset Management Company.
The Company's Hong Kong operations offer a range of products to address insurance and savings needs. The Company offers individual life and health insurance, mandatory provident funds (the government-legislated pension system), and pension administration to individuals and businesses through a career sales agency force and independent financial advisors. In Indonesia, it offers individual life and health insurance, as well as creditor life insurance, through a multi-channel distribution network. In Vietnam, the Company, through its subsidiary, Sun Life Vietnam Insurance Company Limited, offers individual insurance and pensions. The Company, through Birla Sun Life Insurance Company Limited (BSLI), provides a range of individual and group insurance, savings and retirement products through a multi-channel distribution network, including a career agency sales force, bancassurance distribution, brokers and worksite marketing. In addition, the Company, through Birla Sun Life Asset Management Company Limited, offers a range of mutual fund products to both individual and institutional investors. Independent financial advisors and banks distribute BSLI's mutual funds to the retail sector, while direct distribution serves corporate clients.
The Company, through Sun Life Everbright Life Insurance Company Limited, 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. Its operations in Malaysia offer individual and group insurance through Sun Life Malaysia Assurance Berhad and Sun Life Malaysia Takaful Berhad.
The Company' Corporate segment includes SLF U.K. and Corporate Support. Corporate Support operations consist of the Company's Run-off reinsurance business. Its Run-off reinsurance business is a closed block of reinsurance assumed from other insurers. Coverage includes long-term care, medical coverage, and guaranteed minimum income and death benefit coverage. The block also includes group long-term disability and personal accident.
Sun Life Financial Inc
150 King St W
TORONTO ON M5H 1J9
Company Web Links
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- BRIEF-Sun Life Financial raises dividend
- UPDATE 1-Canadian insurer Sun Life's profit misses estimates