Sun Life seeking deals in Asia to grow in existing markets, CEO says

The Sun Life Financial logo is seen at their corporate headquarters of One York Street in Toronto, Ontario, Canada, February 11, 2019. REUTERS/Chris Helgren/Files

TORONTO (Reuters) - Sun Life Financial SLF.TO, Canada's second-biggest life insurance company, is looking for acquisitions in Asia to build scale in its existing markets, its chief executive said on Thursday.

“We continue to look for opportunities, whether it’s (bancassurance) or acquiring other insurance businesses in Asia to give us more scale in the markets in which we already operate,” CEO Dean Connor said at the online Scotiabank Financials Summit. “We’re happy with the eight markets we’re in now.”

Sun Life operates in China and Hong Kong, the Philippines, Japan, Indonesia, India, Singapore, Vietnam and Malaysia in Asia. The insurer is also interested in opportunities in a consolidating market in the U.S., Connor said.

Reporting By Nichola Saminather, Editing by Franklin Paul