Sun Life to embark on acquisitions

February 19 2018 by InsuranceAsia News Staff

Sun Life Financial will continue to be actively involved and engaged in looking for acquisitions after reporting better-than-expected earnings in the fourth quarter, according to its CEO, Dean Connor, in a recent interview.

The insurer’s net income grew by 14% to C$641 million ($513 million) in the quarter to 31 December 2017.

Underlying earnings in Asia grew by 29% to C$80 million, which was in part due to strong sales of wealth products, particularly in India and in Hong Kong, and also the benefits of buying out joint venture partners in the region.

In contrast, its underlying earnings in Canada – its biggest market – dropped by 5% to C$232 million during the quarter.

Sun Life has already been acquisitive in Asia where it is expanding rapidly.