Canada’s Sun Life Financial plans to open more branches in China next year to profit from the fast growing insurance market, its chief executive said yesterday.
The Toronto-based firm has run a joint venture with China Everbright Group Ltd in Tianjin for two years and opened a joint venture branch in the capital Beijing in April.
“I would see us perhaps expanding cities in 2005 and that would be congruent with regulatory approvals,” chief executive officer Donald Stewart told the press.
The company, which had earmarked a potential C$100 million ($73 million) to invest in China from the outset, was eyeing expansion in the fast-growing Yangtze River Delta area which includes the relatively wealthy financial hub Shanghai.
But Stewart declined to name specific cities or to divulge investment figures.