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Accordingly, Sun Life announced that it has opened a branch in Singapore a few days ago, in anticipation of its upcoming Asia-focus strategy. The newly-opened Singapore subsidiary extends Sun Life’s presence to eight markets in Asia, including China, the Philippines, Hong Kong, India, Indonesia, Malaysia, Singapore, and Vietnam.
|Sun Life Financial has set up a new subsidiary in Singapore to lea the charge in Asia|
The company now provides its services specialising on life, health insurance, and wealth management solutions to more than 23 million customers in Asia. Since 2016, Sun Life’s business in Asia has grown to support 11.5 million new clients and its underlying net income has grown at a compound annual growth rate (CAGR) of 15 per cent.
Sun Life targets affluent citizens, offering insurance services through international brokers and private banks.
According to Bloomberg, Sun Life is looking to make more acquisitions on the continent after reaching a bancassurance deal in Vietnam last year to sell insurance via privately-held lender Tien Phong Bank (TP Bank), said Leo Grepin, president for Asia.
“We’re very much looking for acquisitions in Asia across our core markets,” Grepin emphasised.
Furthermore, the insurer is mulling over lifting its ownership ratio to 100 per cent in a joint venture with China Everbright Group. Sun Life currently holds 25 per cent stake in the partnership.
“We’re very bullish on China, and over time we’d be interested in increasing our investment, but there’s no short-term plan to do so,” Grepin said. “Obviously, that would require partners to sell down.”