Sun Life Financial Services of Canada Inc. plans to urge Ottawa to ban mergers between life insurance companies and banks.

Donald Stewart, Sun Life’s CEO, told shareholders today that banks and insurers “are very different.”

“You may bring them together but doing so does not, in our view create a sustainable international platform for growth,” Stewart said. “We will urge that the government maintain existing policy that prohibits such a merger.”

Stewart said such “cross-pillar” mergers – deals between the former four pillars of the financial service industry – banks, trusts, insurers and brokerages – “offer little to shareholders and do not serve the public interest.”

He said Sun Life has no interest in merging with any bank.

At the meeting, shareholders voted to change the name of Sun Life Financial Services of Canada Inc. to Sun Life Financial, the parent company of Sun Life Assurance Co. of Canada.

Stewart cited the successful combination of Clarica Life Insurance Co. with Sun Life Financial’s Canadian operations as a transaction that “created a powerful market presence — a major player in the financial services arena. The move bolstered our Canadian business, solidified our top tier position and reinforced our ability to continue growing internationally.”