Sun Life Financial is a privately own company that started their business by selling insurance policies to Canadians since 1865, when Canada was in the process of creation. By 1890s, Sun Life Financial business extended into South America and followed by Asia. In early 19th century, they further diversified their investment in electric utilities, gas, telephone, and transport business.
The firm is financially sound with its handsome profits of posted revenues of over $13 billion and $15 billion in 1998 and 1999 respectively. They are financially sound despite net profit was negatively impacted by the cost associated with pension sales practice, increase reserve for guaranteed annuity and significant increase in reserves in the discontinued accident and health reinsurance business. The firm would also launch their initial public offer (IPO) in few countries, promising to generate another $2 billion of more investment funds for the firm.
Sun Life Financial winning strategy was their six-pronged approach, namely formulation of the business-level strategy in aggressive wealth management, superior returns for shareholder, strong brands leveraging with its multi products, corporate-level strategy that make use of its distribution strengths and at international-level strategy by expansion into the key strategic markets, such as China.
The Wealth Management and Protection were the two main business of Sun Life Financial, contributing about 98% in total, primarily in counties such as Canada, United States and United Kingdom. The firm also formed distribution alliance with Great-West Life, London Life, allowing others universal life and term life insurance products to be sold at their firm.
Sun Life Financial had its representative office in China since 1920 to gather information and stay abreast of latest Chinese regulatory, for its headquarters. Since then, they had strategically expanded its business into China that made them the...