Sun Life Canada
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UPDATED: Aug 20, 2020
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Company History: Sun Life was originally a Canadian mutual life insurance company that was incorporated in 1865 and that demutualized in 2000 It subsequently adopted a publicly traded holding company structure. Sun Life Financial, Inc. is the holding company for the group which is led by Toronto based Sun Life Assurance Company of Canada. Sun Life Financial offers savings, retirement, pension products, as well as life and health insurance on an individual and group basis to customers in the United States, the U.K. and Asia. It also provides mutual fund and investment management services. An affiliated company, Sun Life Insurance and Annuity Company of New York, handles the distribution of Sun Life’s products in New York. In the U.S., Sun Life’s operations are aimed at targeting the upper income customers.
Principle Sales Methods: Sales of Sun Life Financial products and services company agents, independent agents, financial intermediaries, banks, benefit consultants and direct sales.
Life Annuity Business: Sun Life provides annuity and savings products and individual and group life and health as well as group pensions, retirement products and mutual funds in Canada, the U.S. and Asia. Most of the U.S. individual life insurance products are distributed through general agents and third party intermediaries in order to target customers who need estate planning, business insurance planning and other high end market needs. Asset management services are offered in Canada and the U.S. U.S. mutual funds accounted for 36% of the company’s 2006 revenues. Sun Life has $280 billion in assets under management. Sun Life has been emphasizing wealth management businesses such as annuities, pensions and mutual funds and has been expanding its Asian operations.
Health Business: Sun Life sells group life and health insurance in all of its markets and individual health insurance in Canada only.