Toronto-based Sun Life Financial Inc. announced on Monday that it now owns 49% of Mumbai-based Birla Sun Life Insurance Co. Ltd. (BSLI), a part of Aditya Birla Group (ABG).
Sun Life, which originally owned 26% of BSLI, announced in December its intention to acquire additional shares of the firm, which is one of two ventures in India between ABG and Sun Life and has a network of more than 60,000 advisors in India.
The second joint venture is Birla Sun Life Asset Management Co. Ltd., which is the fourth-largest mutual fund company in India and in which Sun Life has a stake of 49%.
Sun Life’s expansion into Asia includes its most recent moves in Indonesia. Sun Life announced in March that it would take full control of Jakarta-based PT CIMB Sun Life (CSL), increasing its share in the company to 100% from 49%. The Canadian firm plans to integrate CSL’s business with Jakarta Selatan-based PT Sun Life Financial (SLF) Indonesia, of which it already owns 100%.
Sun Life also announced at that time an extended bancassurance arrangement with Jakarta-based PT Bank CIMB Niaga Tbk, one of Indonesia’s largest banks.