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Sun Life of Canada history
Sun Life of Canada company history timeline
In early 1998, Sun Life announced its intention to demutualize.
Unfortunately, it suffered significant damage during the 1998 ice storm, and today, the Carillon is more of a virtual reality, with the sounds being produced electronically and a digital repertoire of more than 500 songs.
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.
Ranked among the top five private insurers, Sun Life had reentered India in 1999, first in asset management and two years later in the life market.
And that happened in March 2000 when Sun Life Financial shares were traded on the Philippine stock Exchange for the first time.
On top of the list was the launching in April 2000 of Sun Life’s mutual funds business with the creation of its first subsidiary, the Sun Life Asset Management Company, Inc. that offered the biggest family of mutual funds in the country then.
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.
Sun Life Everbright Life Insurance Co. entered Tianjin, China, in June 2002, the first foreign life insurance joint venture to do so.
"Sun Life Financial to Appoint a Non-Executive Chairman," AsiaPulse News, April 4, 2003.
Also in 2003, the public holding company changed its name to Sun Life Financial Inc.
A fourth quarter charge of $221 million put a dent in the company's net earnings for 2003 of $1.3 billion.
Arner, Faith, "The SEC Wrist-Slaps Another Fund," Business Week Online, February 6, 2004.
In 2004, subsidiary Massachusetts Financial Services (MFS) agreed to pay $175 million to harmed shareholders, a $50 million fine, and reduce fees about $25 annually over the next five years, according to Business Week Online.
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.
MFS had been expanding its services beyond its United States-based retail mutual fund sales, a trend which continued in 2005.
During 2005, Sun Life continued to pursue growth in key markets of India, China, and Hong Kong.
During 2006 Sun Life entered into a groundbreaking deal to distribute pension products through one of China's largest state-owned banks.
In 2006, it ranked in the top 15.
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.
In China, two additional offices opened, on the way to a goal of 30 by 2007.
Over the next decade, both operations grew rapidly – by September 2008, there were 132,460 Birla Sun 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.
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.
Sun Life finally took the top spot in premium income in 2011, overtaking its leading competitor who reigned for over 60 years.
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.
A major renovation project was carried out in 2016.
2017 SunLife joins the Phoenix Group, one of the largest providers of insurance services in the UK.
In 2017, this project garnered a Lighting Award from IES (Illuminating Engineering Society) Montréal.
"Sun Life Financial Inc. ." International Directory of Company Histories, Volume 85. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/reference/dictionaries-thesauruses-pictures-and-press-releases/sun-life-financial-inc
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Sun Life of Canada competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Sammons Enterprises | 1938 | $10.5B | 6,600 | - |
| Connecticut Guaranty Assoc | 1972 | $290,000 | 5 | - |
| John Hancock | 1862 | $31.0M | 6,700 | 72 |
| Sbli Of Massachusetts | - | $1.4M | 50 | - |
| Kansas City Life Insurance Company | 1895 | $465.0M | 500 | 2 |
| NEW ENGLAND LIFE INSURANCE CO | 1980 | $1.8B | 3,000 | - |
| American Enterprise Mutual Holding Company | 1999 | $1.2B | 1,300 | - |
| Summit Consulting | 1997 | $11.0M | 500 | 7 |
| Midland National Life Insurance Company Inc | 1906 | $1.8B | 3,000 | 4 |
| USI Insurance Services | 1994 | $8.2B | 8,290 | 3 |
Sun Life of Canada history FAQs
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