Sun Life Financial Inc. is a Canadian
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
company. It is primarily known as a
life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...
company.
Sun Life has a presence in
investment management
Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...
with over
CAD
Computer-aided design (CAD) is the use of computers (or ) to aid in the creation, modification, analysis, or optimization of a design. This software is used to increase the productivity of the designer, improve the quality of design, improve co ...
$1.3 trillion in
assets under management operating in a number of countries.
It has over $125 billion in assets under administration as of 2020.
Sun Life ranks number 235 on the
Forbes Global 2000
The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by ''Forbes'' magazine. "The Global 2000" annual ranking is assembled by ''Forbes'' using a weighted assessment of four metrics: sales, profi ...
list for 2022.
History
Pre-World War II
Founded in
Montreal
Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
,
Quebec
Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...
, as The Sun Insurance Company of Montreal in 1865 by
Matthew Hamilton Gault
The Hon. Matthew Hamilton Gault M.P., J.P. (18 July 1822 – 1 June 1887) was an Irish-Canadian financier and politician. In 1865, he founded Sun Life Financial at Montreal, Canada East. He was elected to the House of Commons of Canada in ...
(1822–1887), an
Irish
Irish may refer to:
Common meanings
* Someone or something of, from, or related to:
** Ireland, an island situated off the north-western coast of continental Europe
***Éire, Irish language name for the isle
** Northern Ireland, a constituent unit ...
immigrant who settled in Montreal in 1842. However, operations actually began in 1871. By the end of the 19th century, it had expanded to
Central
Central is an adjective usually referring to being in the center of some place or (mathematical) object.
Central may also refer to:
Directions and generalised locations
* Central Africa, a region in the centre of Africa continent, also known as ...
and South America, the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
, the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
,
West Indies
The West Indies is a subregion of North America, surrounded by the North Atlantic Ocean and the Caribbean Sea that includes 13 independent island countries and 18 dependencies and other territories in three major archipelagos: the Greater A ...
,
Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
,
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
,
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
,
North Africa
North Africa, or Northern Africa is a region encompassing the northern portion of the African continent. There is no singularly accepted scope for the region, and it is sometimes defined as stretching from the Atlantic shores of Mauritania in ...
and other international markets. During the next five decades, the company grew and prospered, surviving the difficulties of
World War I
World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
and the large drain on its finances through policy claims arising from the large number of deaths caused by the
Great Flu Epidemic of 1918.
The company's original
Dominion Square building in Montreal was built in 1918. Capping a Montreal construction boom that began in the 1920s, the company completed construction of the expansion of its headquarters with its new 26-story headquarters north tower in 1933. Although the
head office of the Royal Bank of Canada on St. James Street was taller by several floors, the
Sun Life Building
The Sun Life Building (french: Édifice Sun Life) is a historic , 24-storey office building at 1155 Metcalfe Street (Montreal), Metcalfe Street on Dorchester Square in the city's Downtown Montreal, downtown core of Montreal, Quebec, Canada.
The b ...
was at the time the largest building in terms of square footage anywhere in the
British Empire
The British Empire was composed of the dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom and its predecessor states. It began with the overseas possessions and trading posts esta ...
.
Chartered in 1865, its traditional base business worldwide remains life insurance. However, it now also has significant asset management operations. In 1919, it was the first Canadian company to offer group life insurance. Having begun its first US operations in 1895, the company sold its first group life plan in the U.S. in 1924.
World War II
In
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
, as part of
Operation Fish
Operation Fish was the World War II evacuation of British wealth from the UK to Canada. It was the biggest known movement of wealth in history.
Background
In September 1939, the British government decreed that all people living in the UK had to ...
,
securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
from the United Kingdom were secretly moved to the Sun Life Building for safekeeping. A persistent, but incorrect, rumour is that the
Crown Jewels of the United Kingdom
The Crown Jewels of the United Kingdom, originally the Crown Jewels of England, are a collection of royal ceremonial objects kept in the Tower of London which include the Coronation of the British monarch, coronation regalia and vestments worn ...
were illegally shipped out of the United Kingdom during WWII and stored there was deliberately spread in Montreal to account for increased activity at the building.
Post-World War II
During the post-war period, the company's successful business strategies made it one of Montreal's largest white-collar employers, one of the top corporations in Canada, as well as a global player in the life insurance field. For the first half of the 20th century, the city of Montreal had been the economic hub of Canada, but it was losing ground to
Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
. As early as 1950, Toronto's economic activity surpassed Montreal's with regard to stock market trading and capitalization. The advent, in the 1960s, of political and
terrorist
Terrorism, in its broadest sense, is the use of criminal violence to provoke a state of terror or fear, mostly with the intention to achieve political or religious aims. The term is used in this regard primarily to refer to intentional violen ...
movements demanding the independence of Quebec from Canada cast a pallor of uncertainty over the business community.
1977–1980
In 1977, the newly-elected
sovereigntist Quebec government passed the
Charter of the French Language
The ''Charter of the French Language'' (french: link=no, La charte de la langue française), also known in English as Bill 101, Law 101 (''french: link=no, Loi 101''), or Quebec French Preference Law, is a law in the province of Quebec in Canada ...
(known as Bill 101), making the use of
French language
French ( or ) is a Romance language of the Indo-European family. It descended from the Vulgar Latin of the Roman Empire, as did all Romance languages. French evolved from Gallo-Romance, the Latin spoken in Gaul, and more specifically in Nor ...
mandatory for medium- and large-scale companies when communicating with French-speaking staff. The law was received negatively by the English-speaking business community, many of whom perceived that the historical rights of the English-speaking minority should be respected. The new government also promised a referendum on Quebec sovereignty, injecting instability into the Montreal business community.
On January 6, 1978, Sun Life became the first large company to leave Quebec post-election, announcing that it would move its head office to rented space in
Toronto, Ontario
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
.
Officially, Sun Life said it was motivated by the political instability and economic uncertainty of Quebec's future, but skeptics said it was the company's unwillingness to comply with the requirements of Bill 101.
In a reaction the next day, the province's finance minister
Jacques Parizeau
Jacques Parizeau (; August 9, 1930June 1, 2015) was a Canadian politician and Québécois economist who was a noted Quebec sovereigntist and the 26th premier of Quebec from September 26, 1994, to January 29, 1996.
Early life and career
Pariz ...
called Sun Life "one of the worst exporters of Quebec capital",
and threatened to freeze some $400 million CAD in assets.
In 1979, the company acquired a property at University Avenue and King Street in downtown Toronto and constructed a new office complex, the
Sun Life Centre, which was completed in 1984.
Bill 101 required more than French communications with French-speaking staff. It made French the official language of the workplace. It also provided that present and prospective employees who could not speak English not be discriminated against because of their inability to speak English.
![Dean A Connor Headshot](https://upload.wikimedia.org/wikipedia/commons/b/b2/Dean_A_Connor_Headshot.jpg)
For the largest employer of English-speaking people in Montreal, this would make things very difficult. Many, if not most, of Sun Life's Head Office employees in 1979 were not fluent in French. Sun Life was quite clear that this was the reason for its move when it made the announcement. The PQ government was quick to label Sun Life "bad corporate citizens" and claimed that if ''"they had only warned us, we could have worked something out."''
The downsizing of Sun Life's Montreal office did not take place overnight. Transfers and moves occurred on a departmental basis and did not commence until several months after the announcement. By 1980, 300 head office employees were located in Toronto.
There were several other key activities in the post-war years. This included a decision by Sun Life to leave many markets, including China and India, because of economic and political changes. In 1962, Sun Life became a mutual company and repurchased its shares for $65 million in total. In 1973, Sun Life opened its American subsidiary's new headquarters in Wellesley Hills, Massachusetts, located outside
Boston
Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
.
1980s–1990s
Sun Life continued to expand its wealth management business with the 1982 acquisition of
Massachusetts Financial Services (MFS), the Boston-based investment management and mutual fund company. It entered the mutual fund business in Canada by forming Spectrum Mutual Fund Services in 1987 (subsequently sold to CI Financial) and a decade later, acquired McLean Budden, a Canadian investment management firm (subsequently folded into MFS).
International expansion continued in the 1990s. In 1995, Sun Life entered the Indonesian market through local company PT Asuransi Modern Sun Life, now called PT Sun Life Indonesia and opened a Representative Office in Beijing in preparation to enter China. A year later, Sun Life opened a services center in Waterford, Ireland, to provide technology and business processing support for Sun Life business units.
In 1999, Sun Life officially returned to
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
and
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
when it established two joint ventures – Birla Sun Life in India with a local partner
Aditya Birla Group
Aditya Birla Group is an Indian multinational conglomerate, headquartered in Mumbai. It operates in 100 countries with more than 1,40,000 employees directly and indirectly. The group was founded by Seth Shiv Narayan Birla in 1857. The group ha ...
, and Sun Life Everbright in China with a partner
China Everbright Group
China Everbright Group is a Chinese state-owned enterprise. Everbright Group was a subsidiary (55.67 percent) of Central Huijin Investment. The Ministry of Finance of China owned the rest of the stake, which Central Huijin acquired on 8 December 2 ...
. Over the next decade, both operations grew rapidly – by September 2008, there were 132,460 Birla Sun Life advisors working in 600 branches across India while Sun Life Everbright opened its sixth branch in Guangzhou, bringing its presence to 18 cities in
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
.
2000s
In early 1998, Sun Life announced its intention to
demutualize
Demutualization is the process by which a customer-owned mutual organization (''mutual'') or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, member ...
. In March 2000, its initial public offering (IPO) started the trading of Sun Life Financial Inc. shares on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges.
In 2002, Sun Life combined its operations with
Clarica Life Insurance
Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company.
Sun Life has a presence in investment management with over CAD$1.3 trillion in assets under management operating in a number o ...
of
Waterloo, Ontario
Waterloo is a city in the Canadian province of Ontario. It is one of three cities in the Regional Municipality of Waterloo (formerly Waterloo County, Ontario, Waterloo County). Waterloo is situated about west-southwest of Toronto. Due to the c ...
. Founded in 1870 as ''Mutual Life of Canada'', Clarica was known as The Mutual Group before it went public in 1999. The former head office for Mutual Life Assurance Company at 227 King Street South in Waterloo became the home to Sun Life's Canadian operations, while a regional office and Sun Life's corporate headquarters remained in Toronto. The company also maintains regional offices in
Montreal
Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
,
Ottawa
Ottawa (, ; Canadian French: ) is the capital city of Canada. It is located at the confluence of the Ottawa River and the Rideau River in the southern portion of the province of Ontario. Ottawa borders Gatineau, Quebec, and forms the core ...
,
Edmonton
Edmonton ( ) is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city ancho ...
,
Vancouver
Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the ...
,
Halifax and
Calgary
Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, makin ...
. After it integrated operations, the company used the Clarica brand name for certain products and activities until 2007.
In 2005, Sun Life opened a service center in Gurgaon,
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
to provide business processing and technology support for Sun Life Financial business units around the world. That same year, Sun Life purchased CMG Asia and CommServe Financial, the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia, tripling its customer base and adding group insurance and pensions to its business lines.
In 2007, Sun Life purchased the U.S. employee benefits business of Genworth Financial, placing itself in the top 10 in the U.S. group benefits market.
In 2008, Sun Life sold its 37% interest in CI Financial Income Fund to
Scotiabank
The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada ...
. Sun Life had originally acquired a significant
ownership interest
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...
in the firm by selling its Canadian mutual fund subsidiaries to CI Financial in 2002.
In 2009, Sun Life began an aggressive nationwide ad campaign in the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
touting its strength and the fact that it did not accept any
bailout
A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy.
A bailout differs from the term ''bail-in'' (coined in 2010) under which the bondholders or depositors of global sys ...
money.
2010s
In 2013, Sun Life acquired 49%
Aviva PLC's Malaysian insurance joint venture with lender
CIMB Group
CIMB Group Holdings Berhad () is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN. CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 bran ...
. Sun Life acquired the business along with Malaysian state investor
Khazanah Nasional
Khazanah Nasional Berhad is the sovereign wealth fund of the Government of Malaysia, entrusted with growing the nation's long-term wealth via distinct commercial and strategic objectives. Khazanah's commercial objective is to grow financial as ...
, which also purchased 49%. They each paid approximately CDN$300 million. CIMB retains 2% interest.
In 2015, Sun Life acquired the Employee Benefits business of Assurant Inc. The transaction closed in March 2016, creating the sixth-largest group benefits business in the U.S.
In 2017, the
Toronto Raptors
The Toronto Raptors are a Canadian professional basketball team based in Toronto. The Raptors compete in the National Basketball Association (NBA) as a member of the league's Eastern Conference Atlantic Division. They play their home games a ...
of the
National Basketball Association
The National Basketball Association (NBA) is a professional basketball league in North America. The league is composed of 30 teams (29 in the United States and 1 in Canada) and is one of the major professional sports leagues in the United S ...
announced that Sun Life will become their jersey sponsor beginning with the 2017–18 NBA season. This deal continues through the 2019/2020 season.
In June 2019, Sun Life re-branded its Sun Life Investment Management unit to SLC Management and fully merged its fixed income businesses, Ryan Labs Asset Management Inc. and Prime Advisors, Inc. with Sun Life Capital Management (U.S.)
In addition, in July 2019, SLC's real estate division was merged under the name
BentallGreenOak
BentallGreenOak is a real estate investment firm based in Toronto and New York City. The firm is the real estate investment arm of Sun Life Financial. It is considered one of the largest real estate investment firms in North America.
In 2022, th ...
Real Estate.
In December 2020, Dean Connor announced his intent to retire as President and CEO in August 2021. He was then replaced by Kevin Strain, who was the former Chief Financial Officer at Sun Life.
Sun Life in North America
Canada
Sun Life's Canadian headquarters are based out of the
Regional Municipality of Waterloo
The Regional Municipality of Waterloo (Waterloo Region or Region of Waterloo) is a metropolitan area of Southern Ontario, Canada. It contains the cities of Cambridge, Kitchener and Waterloo (KWC or Tri-Cities), and the townships of North Dumfr ...
,
Ontario
Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...
.
Sun Life contributes to the local economy as one of the top 5 major employers in the region, with approximately 3,500 employees – more than 40% of Sun Life's employee base in Canada.
Sun Life is an Observing Organization in the Regional Carbon Initiative (run by the Sustainable Waterloo Region) and a member of TravelWise, a joint program of Sustainable Waterloo Region and the Region of Waterloo.
Sun Life roots in Canada go back over 150 years and is estimated that the company provides financial products and advice to 1 in 5 Canadians.
In 2012, Sun Life celebrated the 100th anniversary of its Canadian head office building, located on King Street, right on the border of the Cities of Kitchener and Waterloo.
United States
Sun Life's U.S. Headquarters are based out of
Wellesley, a
town
A town is a human settlement. Towns are generally larger than villages and smaller than cities, though the criteria to distinguish between them vary considerably in different parts of the world.
Origin and use
The word "town" shares an ori ...
in
Norfolk County,
and considered a part of
Greater Boston
Greater Boston is the metropolitan region of New England encompassing the municipality of Boston (the capital of the U.S. state of Massachusetts and the most populous city in New England) and its surrounding areas. The region forms the northern ar ...
.
Sun Life U.S. has the sixth-largest group benefits business in the United States and serves more than 60,000 employers in small, medium and large workplaces.
Sun Life's portfolio of insurance products and services in the U.S. includes disability, absence management, life, dental, vision, voluntary and medical stop-loss.
In 2018, Sun Life U.S. was named one of the Top Places to Work in Massachusetts for 2018 by ''The Boston Globe''.
In 2022, Sun Life U.S. acquired DentaQuest for $2.475 billion dollars. DentaQuest is the largest provider of Medicaid dental benefits in the U.S. with growing Medicare Advantage, commercial and U.S. Affordable Care Act (ACA) exchange businesses.
Sun Life Asset Management
Sun Life's asset management operation includes subsidiaries:
* MFS Investment Management, which serves individual and institutional investors around the world;
* SLC Management, which provides investment solutions for defined benefit pension plans, insurance companies and other institutional investors globally. SLC Management has two distinct units: a fixed-income pillar operating under the SLC Management banner (including Sun Life affiliates Prime Advisors, Ryan Labs Asset Management and Sun Life Institutional Investments); and a real estate division named Bentall GreenOak.
*In December 2019, Sun Life announced an intention to acquire a majority stake in InfraRed Capital Partners, which will see InfraRed form part of SLC Management
*In October 2020, Sun Life announced an intent to acquire a 51% stake in alternative credit investment manager Crescent Capital LP. Crescent will be part of SLC Management.
As of March 31, 2019, SLC Management's collective operations have assets under management of C$212 billion (US$159 billion).
SLC Management
SLC Management, formerly Sun Life Investment Management (SLIM), began in 2014 when Sun Life created Sun Life Institutional Investments (Canada) Inc., to offer a range of institutional alternative asset class funds to investors in Canada.
In June 2019, Sun Life re-branded SLIM to SLC Management and fully merged its fixed income businesses, Ryan Labs Asset Management Inc. and Prime Advisors, Inc. with Sun Life Capital Management (U.S.) In addition, in July 2019, SLC's real estate division was merged under the name BentallGreenOak Real Estate.
Sun Life in Asia
Sun Life operates in eight Asian markets - Indonesia, Singapore, Vietnam, China, Hong Kong, India, the Philippines and Malaysia.
In 1891, the company persuaded businessman Ira Thayer to go to Asia to start an insurance business. Thayer set up a business in China in 1892 that went on to prosper for the next 54 years.
Sun Life grew to become the biggest foreign insurer in China until the Second World War when it shut down operations. The company returned to China in 1995 via a joint venture.
China
In 1995, Sun Life joined with the
China Everbright Group
China Everbright Group is a Chinese state-owned enterprise. Everbright Group was a subsidiary (55.67 percent) of Central Huijin Investment. The Ministry of Finance of China owned the rest of the stake, which Central Huijin acquired on 8 December 2 ...
to form Sun Life Everbright.
In 2002, Sun Life Everbright was granted approval to sell life insurance in Tianjin, China, becoming the first foreign life insurance joint venture to operate in that city and its neighbouring counties.
In 2011, Sun Life Everbright received regulatory approval in China to establish Sun Life Everbright Insurance Asset Management Company, only the 12th such license issued in China.
India
Birla Sun Life Asset Management
Aditya Birla Sun Life Asset Management Company Ltd. (ABSLAMC), formerly known as Birla Sun Life Asset Management Company Limited, is an investment managing company registered under the Securities and Exchange Board of India. It is a joint ventu ...
, now known as the Aditya Birla Sun Life Mutual Fund (ABSLAMC), is an investment managing company registered under the
Securities and Exchange Board of India
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the ownership of Ministry of Finance within the Government of India. It was established on 12 April 1988 as an executive ...
. It is a joint venture between Sun Life and the
Aditya Birla Group
Aditya Birla Group is an Indian multinational conglomerate, headquartered in Mumbai. It operates in 100 countries with more than 1,40,000 employees directly and indirectly. The group was founded by Seth Shiv Narayan Birla in 1857. The group ha ...
of
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
.
Established in 1994, BSLAMC has been a joint venture between the
Aditya Birla Group
Aditya Birla Group is an Indian multinational conglomerate, headquartered in Mumbai. It operates in 100 countries with more than 1,40,000 employees directly and indirectly. The group was founded by Seth Shiv Narayan Birla in 1857. The group ha ...
and Sun Life since 1999.
With more than $34 billion U.S. in assets under management as of 2017, Aditya Birla Sun Life Asset Management Company is one of the largest asset managers in India.
Philippines
Sun Life entered the
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
in 1895, and established its Cebu operations in the 1960s. As of 2019, Sun Life is the number one provider of insurance products to Filipinos. Sun Life has been in Asia since the early 1890s.
In 1895, Sun Life began its operations in the
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
through the representation of the H.J. Andrews and Co., a British trading firm. Throughout the Philippine Revolution, Sun Life Philippines experienced continuous growth.
Sun Life had underground operations during the Japanese Occupation which occurred between 1942 and 1945. Sun Life was the only life insurance company who paid post-war death claims amounting to USD 1.3 million even without documents attesting to the validity of the claims. In the end, all claims were found to be legitimate.
Through the years, Sun Life flourished even as the country faced economic crises and
Martial Law
Martial law is the imposition of direct military control of normal civil functions or suspension of civil law by a government, especially in response to an emergency where civil forces are overwhelmed, or in an occupied territory.
Use
Marti ...
(1972-1981).
In 2011, Sun Life signed a joint venture agreement with the Yuchengco Group of companies for the creation of Sun Life Grepa Financial Inc. marking Sun Life's entry into the bancassurance business.
Sun Life also has strong asset management presence in
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
, celebrating its 120th anniversary in the
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
in 2015.
In 2020, Sun Life Philippines celebrated its 125th anniversary.
Sustainability
Sun Life's sustainability plan is built on the foundation as a trusted and responsible business, and focuses on the areas where they can make the most positive social and environmental impact - increasing financial security, fostering healthier lives and advancing sustainable investing.
In March 2021, Sun Life announced new sustainable investing commitments, including an additional C$20 billion in sustainable investments over the next five years across its General Account and third party investments. The company is also pushing to scale back its GHG emissions intensity by 30% by 2030.
Diversity Equity & Inclusion
Sun Life committed to having 25% of under-represented minorities and gender parity at senior leader level by 2025. As of May 2022, their Board of Directors is at gender parity.
New Global Headquarters - One York
Sun Life Global Headquarters in
Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
,
Ontario
Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...
, is located at One York Street in Toronto's South Core.
The building was developed by Menkes Developments Ltd, and Healthcare of Ontario Pension Plan (HOOPP), which is also a tenant of the building.
The 800,000 square-foot office tower is
LEED
Leadership in Energy and Environmental Design (LEED) is a
green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating systems for the design, construction ...
Platinum certified under the
Canada Green Building Council
The Canada Green Building Council (CaGBC) was created in 2003 to further the expansion of green building in Canada. Prior to the formation of the Council, Canada had participated in the United States Green Building Council (USGBC) through British ...
.
This location along the Gardiner Expressway is a prominent position on the Toronto skyline,
Before the Corporate Office moved to its new Global HQ at One York Street, the Sun Life Centre on King Street served as its headquarters. Previously,
Sun Life Building
The Sun Life Building (french: Édifice Sun Life) is a historic , 24-storey office building at 1155 Metcalfe Street (Montreal), Metcalfe Street on Dorchester Square in the city's Downtown Montreal, downtown core of Montreal, Quebec, Canada.
The b ...
in Montreal was the head office. The Sun Life Building in Montreal is a historic 122 m (400 ft), 24 storey office building at 1155 Metcalfe Street on Dorchester Square in downtown Montreal.
Sports Marketing
Toronto Raptors NBA Jersey Sponsorship (2017–present)
Sun Life is the official jersey sponsor of the 2019 NBA Champions
Toronto Raptors
The Toronto Raptors are a Canadian professional basketball team based in Toronto. The Raptors compete in the National Basketball Association (NBA) as a member of the league's Eastern Conference Atlantic Division. They play their home games a ...
of the
National Basketball Association
The National Basketball Association (NBA) is a professional basketball league in North America. The league is composed of 30 teams (29 in the United States and 1 in Canada) and is one of the major professional sports leagues in the United S ...
.
Sun Life has been the Raptors jersey sponsor since the 2017–18 NBA Season. This agreement was extended into the 2018/19 & 2019/20 seasons.
It is the first jersey patch partnership in the team's history with the Sun Life patch appearing on the front left shoulder of Raptors game jerseys.
Jersey sponsorships were introduced league-wide as part of a three-year NBA pilot program.
Miami Dolphins NFL Stadium Sponsorship (2010–2016)
In 2010, Sun Life purchased the naming rights for the home field of the
Miami Dolphins
The Miami Dolphins are a professional American football team based in the Miami metropolitan area. They compete in the National Football League (NFL) as a member team of the league's American Football Conference (AFC) East division. The team pla ...
in
Miami Gardens, Florida
Miami Gardens is a city in north-central Miami-Dade County, Florida. It is located north of Downtown Miami with city boundaries that stretch from I-95 and Northeast 2nd Avenue to its east to Northwest 47th and Northwest 57th Avenues to its west ...
, for a reported
US$
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
7.5 million per year.
Under the five-year contract, the stadium was named
Sun Life Stadium
Hard Rock Stadium is a multi-purpose stadium located in Miami Gardens, Florida. The stadium is the home field for the Miami Dolphins of the National Football League (NFL) and the Miami Hurricanes, the University of Miami's NCAA Division I college ...
. The naming rights expired in January 2016.
Corporate governance
Current members of the
board of directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...
of Sun Life are:
* Scott F. Powers (Chair of the Board)
* Deepak Chopra (Corporate Director)
* Stephanie L. Coyles (Corporate Director)
* Ashok K. Gupta (Corporate Director)
* M. Marianne Harris (Corporate Director)
* David H.Y. Ho (Corporate Director)
* Helen M. Mallovy Hicks (Corporate Director)
* Marie-Lucie Morin (Corporate Director)
* Kevin D. Strain (President & CEO)
* Barbara G. Stymiest (Corporate Director)
Notes
External links
Official website
{{authority control
Canadian brands
Companies based in Toronto
Financial services companies established in 1865
1865 establishments in Ontario
Companies listed on the Toronto Stock Exchange
Former mutual insurance companies
Investment management companies of Canada
S&P/TSX 60
Canadian companies established in 1865