Toronto-based Sun Life Financial Inc. is strengthening its business in Asia by aligning its international high net-worth life (HNW) insurance business with its SLF Asia business group, the company announced on Tuesday.
Currently, the international business reports into the U.S. business group.
“Our SLF International business helps HNW clients transfer wealth to future generations through life insurance, and given that those clients are primarily in Asia, it is best aligned with our Asia pillar,” says Dean Connor, president and CEO, Sun Life Financial, in a statement.
“By combining our SLF Asia and International capabilities we expect to accelerate the development of our high net worth insurance business in Asia. This change also reflects the strong growth and development of Sun Life U.S., which will focus on our growing U.S. group benefits business and managing our in-force block of U.S. individual insurance,” Connor adds.
It is business as usual for clients and there are no changes to SLF International operations, products or services resulting from this announcement, Sun Life says.
Effective Q1 2018, the financial and operating results of SLF international will be reported as part of the SLF Asia business group (previously part of SLF U.S.).