Sun Life Expands Asia HNW Insurance Operation

Robbie Lawther

5 April 2018

Financial services firm has merged its international high net worth life insurance business with its SLF Asia business group in a bid to expand in the region. Currently, the international business reports into the US business group.

It is business as usual for clients and there are no changes to SLF International operations, products or services resulting from this merger.

Effective Q1 2018, the financial and operating results of SLF International will be reported as part of the SLF Asia business group (previously part of SLF US).

"Our SLF International business helps high net worth clients transfer wealth to future generations through life insurance, and given that those Clients are primarily in Asia, it is best aligned with our Asia pillar," said Dean Connor, president and chief executive at Sun Life Financial. "By combining our SLF Asia and International capabilities we expect to accelerate the development of our high net worth insurance business in Asia. This change also reflects the strong growth and development of Sun Life US, which will focus on our growing US group benefits business and managing our in-force block of US individual insurance."

Sun Life Financial is an international financial services organisation providing insurance, wealth and asset management solutions to individual and corporate clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the US, the UK, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of 31 December 2017, Sun Life Financial had total assets under management of $975 billion.

This publication has covered the different ways that insurance forms part of the wealth management toolkit. For example, Singapore Life recently won regulatory clearance in Singapore, offering services such as critical illness and term life policies.