Sun Life history

Sun Life entered into business in the United Kingdom in 1893 and in the United States two years later; both markets would yield significant business.

It was in 1895, three years before the Republic of the Philippines was officially founded, when Sun Life first set foot in the country with the mission of giving Filipinos the opportunity to enjoy the humanitarian benefits of insurance.

Other international locales established by 1900 included: the Philippines, Japan, China, Hong Kong, Malaysia, India, Egypt, Palestine, and points throughout South America.

The company’s original Dominion Square building in Montreal was built in 1918.

Yet by 1933, Sun Life was putting finishing touches on a new building.

In 1956, a group disability business was established and would serve as the basis for the company's long-term disability (LTD) protection products.

In 1962, Sun Life became a mutual company and bought back its shares for $65 million in total.

However, the war ate away at Sun Life's international business; by 1963 only Hong Kong and the Philippines ventures remained afloat in Asia.

Sun Life LTD business gained a boost in 1970 with a contract to provide Canadian federal government employees with coverage.

In 1973, Sun Life opened its American subsidiary’s new headquarters in Wellesley Hills, Massachusetts at the outskirts of Boston.

On January 6, 1978, the company scaled down the Montreal facilities to serve as a branch service bureau while shifting its head office to rented space in Toronto, Ontario.

Many, if not most, of Sun Life’s Head Office employees in 1979 could not speak French fluently.

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.

Groundbreaking moves, such as the introduction of nonsmoker rates in 1984, helped Sun Life climb to the top in the Canadian LTD protection market.

In 1995, Sun Life entered the Indonesia market through local company PT Asuransi Modern Sun Life, now called PT Sun Life Financial Indonesia and opened a Representative Office in Beijing in preparation to enter China. It entered the mutual fund business in Canada by forming Spectrum Mutual Fund Services in 1987 and a decade later, acquired McLean Budden, a Canadian investment management firm.

In 1991, the Canadian government removed barriers between banks, trust companies, brokerage houses, and insurers, allowing Sun Life to add new products and services.

In 1995, Sun Life entered the Indonesia market through local company PT Asuransi Modern Sun Life, now called PT Sun Life Financial Indonesia and opened a Representative Office in Beijing in preparation to enter China.

In early 1998, Sun Life announced its intention to demutualize.

In 1999, Sun Life officially returned to India and China when it established two joint ventures – Birla Sun Life in India with local partner Aditya Birla Group, and Sun Life Everbright in China with partner China Everbright Limited.

Bank sales of annuities experienced a strong uptick during 2000.

Sun Life moved closer to its goal of becoming a top-ten annuity provider by way of two acquisitions in May 2001.

In 2002, Sun Life combined its operations with Clarica Life Insurance Company of Waterloo, Ontario.

"Sun Life Financial Confirms Holding Company Name Change," AsiaPulse News, July 4, 2003.

Arner, Faith, "The SEC Wrist-Slaps Another Fund," Business Week Online, February 6, 2004.

In 2005, Sun Life opened a service centre in Gurgaon, India to provide business processing and technology support for Sun Life Financial business units around the world.

Stewart, Sinclair, "Sun Life Signs China Pension Deal," globeandmail.com, July 18, 2006.

In 2007, Sun Life purchased the employee benefits business of Genworth Financial, placing itself in the top 10 in the United States group benefits market.

At September 30, 2008, Sun Life had assets under management of Cdn $389 billion and including joint ventures had more than 28,000 employees and 147,590 advisors in 22 countries serving more than 25 million customers worldwide.

In 2009, Sun Life began an aggressive nationwide ad campaign in the United States touting their strength and the fact that they did not accept any bailout money.

On January 18, 2010, Sun Life purchased the naming rights for the home field of the Miami Dolphins for a reported US$7.5 million per year.

It was also in 2011 when Sun Life Financial signed a joint venture agreement with the Yuchengco Group of companies for the creation of Sun Life Grepa Financial, Inc. that marked Sun Life’s entry into the bancassurance business.

In January 2013, Sun Life acquired Aviva PLC’s Malaysian insurance joint venture with lender CIMB Group for a total of $597 million.

As it celebrated its 120th anniversary in the Philippines in 2015, Sun Life sustained its strength and prominence despite a more challenging environment.

© 2021 Sun Life Assurance Company of Canada.