Sun Life says sales are booming in India and China. CEO Donald Stewart told the AGM last week that individual insurance sales in India have grown by almost 200 per cent and the direct sales force has grown to 10,000 from 5,500 a year ago. Sun Life Financial operates in India through a joint venture with the Aditya Birla Management Corporation and has 33 branches in 27 cities.
“The picture for China is also bright,” Stewart told shareholders. “Following our expansion into Tianjin only two years ago – where insurance sales have increased by 80 per cent — our joint venture with China Everbright Group has begun selling life insurance to the 13 million people in Beijing, China’s capital city.” Sun Life Financial has more than 2,000 agents in Tianjin and another 500 agents in Beijing.
Stewart also told shareholders that Sun Life Financial intends to make acquisitions in the United States. The company already owns life insurance and annuity operations in the United States and the Massachusetts Financial Services Company (MFS) asset management business. MFS got caught up in the recent mutual fund trading scandal, and reached a financial settlement with the Securities and Exchange Commission. “We appointed new leadership, changed policies and strengthened our governance frameworks,” Stewart told shareholders.