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{{short description|Canadian insurance company}}
{{More citations needed|date=April 2024}}
{{Use mdy dates|date=December 2023}}
{{About|the Canadian financial and insurance company|the UK insurance company|SunLife}}
{{Infobox company
| name = Sun Life Financial Inc.
| logo = Sun Life Financial Logo.svg
| logo_size = 200px
| image = Sun-Life-Financial-2025-04-09.jpg
| image_caption = Sun Life Global Headquarters at One York Street in Toronto, Canada
| type = [[Public company|Public]]
| traded_as = {{Tsx|SLF}}<br>{{nyse|SLF}}<br>{{pse|SLF}}
| founder = [[Matthew Hamilton Gault]]
| foundation = {{start date and age|1865}}<br />[[Montreal]], [[Quebec]]
| location = [[Toronto]], [[Ontario]]
| key_people = {{ubl|Scott F. Powers (Chairman)|[[Kevin Strain]] (President and CEO)}}
| revenue = {{loss}} [[CA$]]35.7&nbsp;billion (2021)<ref name="nn">{{cite web |url=https://www.sunlife.com/content/dam/sunlife/regional/global-marketing/documents/com/annual-report-2021-e.pdf |title=Anual Report 2021 |date= |website=Sun Life |access-date=September 13, 2022 |archive-date=May 19, 2022 |archive-url=https://web.archive.org/web/20220519210416/https://www.sunlife.com/content/dam/sunlife/regional/global-marketing/documents/com/annual-report-2021-e.pdf |url-status=live }}</ref>
| operating_income = {{gain}} [[CA$]]5.09&nbsp;billion (2021)<ref name="nn"/>
| net_income = {{gain}} [[CA$]]3.93&nbsp;billion (2021)<ref name="nn"/>
| aum = {{increase}} [[CA$]]1.44&nbsp;trillion (2021)<ref name="sunlife.com">{{Cite web|url=https://www.sunlife.com/en/newsroom/news-releases/announcement/sun-life-reports-fourth-quarter-and-full-year-2020-results/123507/|title=News releases|access-date=April 7, 2021|archive-date=July 14, 2024|archive-url=https://web.archive.org/web/20240714035102/https://www.sunlife.com/en/newsroom/news-releases/announcement/sun-life-reports-fourth-quarter-and-full-year-2020-results/123507/|url-status=live}}</ref> 
| assets = {{nowrap|{{gain}} [[CA$]]345.37&nbsp;billion (2021)<ref name="nn"/>}}
| equity = {{gain}} [[CA$]]28.07&nbsp;billion (2021)<ref name="nn"/>
| num_employees = 50,000 (2021)<ref>{{Cite web |url=https://cdn.sunlife.com/static/Global/Investors/Financial%20results%20and%20reports/Quarterly%20reports/pa_e_Q419_Fact_Sheet.pdf |title=2019 4Q Results Fact Sheet |access-date=March 2, 2020 |archive-date=May 12, 2022 |archive-url=https://web.archive.org/web/20220512235151/https://cdn.sunlife.com/static/Global/Investors/Financial%20results%20and%20reports/Quarterly%20reports/pa_e_Q419_Fact_Sheet.pdf |url-status=live }}</ref> 
| industry = [[Financial services]]
| products = {{ubl|[[Insurance]] |[[Financial planning]] |[[Asset management]] |[[Investment management]] |[[Mutual fund]]s |[[Exchange-traded fund]]s |[[Index fund]]s |[[Fund of funds]] |[[Retirement|Retirement savings]] }}
| subsid = {{ubl|[[BentallGreenOak]]|[[Crescent Capital Group]]|[[MFS Investment Management]]}}
| homepage = {{url|sunlife.com}}
}}

'''Sun Life Financial Inc.''' is a [[Canadian]] [[financial services]] company headquartered in Toronto, Ontario. Founded in 1865, it operates internationally in life insurance, wealth management, and asset management. As of 2024, the company manages over [[Canadian dollar|CAD]]$1.3 trillion in [[assets under management|assets]] and serves clients in Canada, the United States, Asia, and other markets.<ref>{{Cite web |title=Sun Life Reports First Quarter 2021 Results |url=https://ca.finance.yahoo.com/news/sun-life-reports-first-quarter-210100112.html |url-status=dead |archive-url=https://web.archive.org/web/20210506143355/https://ca.finance.yahoo.com/news/sun-life-reports-first-quarter-210100112.html |archive-date=May 6, 2021 |access-date=May 6, 2021 |website=ca.finance.yahoo.com |language=en-CA}}</ref>

Sun Life is one of the largest life insurers in Canada and ranks among the top global insurers by market capitalization. It is publicly traded on the Toronto (TSX: SLF) and New York (NYSE: SLF) stock exchanges.<ref name="glance">{{cite book |title=Sun Life reaches Q1'19 milestone of $1 trillion Assets Under Management |publisher=Sun Life |pages=https://www.sunlife.com/en/investors/financial-news/announcement/sun-life-reaches-q119-milestone-of-1-trillion-assets-under-management/123259/}}</ref>

==History==

===Pre-World War II===
Founded in [[Montreal]], [[Quebec]], as '''The Sun Insurance Company of Montreal''' in 1865 by [[Matthew Hamilton Gault]] (1822–1887), an [[Ireland|Irish]] immigrant who settled in Montreal in 1842. However, operations actually began in 1871. By the end of the 19th century, it had expanded to [[Central America|Central]] and South America, the [[United States]], the [[United Kingdom]], [[West Indies]], [[Japan]], [[China]], [[Philippines]], [[India]], [[North Africa]] and other international markets. During the next five decades, the company grew and prospered, surviving the difficulties of [[World War I]] and the large drain on its finances through policy claims arising from the large number of deaths caused by the [[Great Flu Epidemic]] of 1918.

The company's original [[Dominion Square]] building in Montreal was built in 1918. Capping a Montreal construction boom that began in the 1920s, the company completed construction of the expansion of its headquarters with its new 26-story headquarters north tower in 1933. Although the [[Tour de la Banque Royale|head office of the Royal Bank of Canada on St. James Street]] was taller by several floors, the [[Sun Life Building]] was at the time the largest building in terms of square footage anywhere in the [[British Empire]].

Chartered in 1865, its traditional base business worldwide remains life insurance. However, it now also has significant asset management operations. In 1919, it was the first Canadian company to offer group life insurance. Having begun its first US operations in 1895, the company sold its first group life plan in the U.S. in 1924.{{Cn|date=April 2024}}

===World War II===
In [[World War II]], as part of [[Operation Fish]], [[Security (finance)|securities]] from the United Kingdom were secretly moved to the Sun Life Building for safekeeping. A persistent, but incorrect, rumour is that the [[Crown Jewels of the United Kingdom]] had been illegally shipped out of the United Kingdom during WWII and stored there was deliberately spread in Montreal to account for increased activity at the building.<ref name="Draper1979">{{cite book|author=Alfred Draper|title=Operation Fish: The Race to Save Europe's Wealth, 1939–1945|url=https://archive.org/details/operationfishrac0000drap|url-access=registration|year=1979|publisher=Cassell|isbn=978-0-304-30068-6|pages=[https://archive.org/details/operationfishrac0000drap/page/255 255]–257}}</ref>

===1977–1980===
In 1977, the newly-elected [[Quebec sovereignty movement|sovereigntist]] Quebec government passed the [[Charter of the French Language]] (known as Bill 101), making the use of [[French language]] mandatory for medium- and large-scale companies when communicating with French-speaking staff. The law was received negatively by the English-speaking business community, many of whom perceived that the historical rights of the English-speaking minority should be respected. The new government also promised a referendum on Quebec sovereignty, injecting instability into the Montreal business community.<ref name="Guardian">{{Cite web|url=https://www.theguardian.com/cities/2016/jul/06/40-year-hangover-1976-olympic-games-broke-montreal-canada|title=The 40-year hangover: How the 1976 Olympics nearly broke Montreal|website=[[TheGuardian.com]]|date=July 6, 2016|access-date=August 26, 2018|archive-date=March 2, 2019|archive-url=https://web.archive.org/web/20190302043416/https://www.theguardian.com/cities/2016/jul/06/40-year-hangover-1976-olympic-games-broke-montreal-canada|url-status=live}}</ref> On January 6, 1978, Sun Life became the first large company to leave Quebec post-election, announcing that it would move its head office to rented space in [[Toronto|Toronto, Ontario]].<ref name="Guardian"/><ref>{{Cite web | url=https://www.tvanouvelles.ca/2011/03/21/la-financiere-sun-life-veut-repartir-a-zero-avec-le-quebec | title=La Financière Sun Life veut repartir à zéro avec le Québec | date=March 21, 2011 | access-date=August 26, 2018 | archive-date=August 26, 2018 | archive-url=https://web.archive.org/web/20180826113446/https://www.tvanouvelles.ca/2011/03/21/la-financiere-sun-life-veut-repartir-a-zero-avec-le-quebec | url-status=live }}</ref><ref name="Gazette">{{Cite web|url = https://montrealgazette.com/business/sun-life-now-remembers-yes-we-left-quebec-in-1978|title = Sun Life Financial now remembers: Yes, we left Quebec in 1978 &#124; Montreal Gazette|date = February 9, 2012|access-date = August 26, 2018|archive-date = August 26, 2018|archive-url = https://web.archive.org/web/20180826113451/https://montrealgazette.com/business/sun-life-now-remembers-yes-we-left-quebec-in-1978|url-status = live}}</ref> Officially, Sun Life said it was motivated by the political instability and economic uncertainty of Quebec's future, but skeptics said it was the company's unwillingness to comply with the requirements of Bill 101.<ref name="Gazette"/> In a reaction the next day, the province's finance minister [[Jacques Parizeau]] called Sun Life "one of the worst exporters of Quebec capital",<ref name="banq-leDevoir">{{Cite web | url=http://numerique.banq.qc.ca/patrimoine/details/52327/2775856?docsearchtext=sun%20life%20levesque | title=BAnQ numérique | access-date=August 26, 2018 | archive-date=August 26, 2018 | archive-url=https://web.archive.org/web/20180826114936/http://numerique.banq.qc.ca/patrimoine/details/52327/2775856?docsearchtext=sun%20life%20levesque | url-status=live }}</ref> and threatened to freeze some $400&nbsp;million CAD in assets.<ref name="banq-leDevoir"/><ref name="Mans1978">{{cite book|author=Rowland Mans|title=Canada's Constitutional Crisis: Separatism and Subversion|url=https://books.google.com/books?id=oM2IAAAAMAAJ|year=1978|publisher=Institute for the Study of Conflict|access-date=August 26, 2018|archive-date=July 14, 2024|archive-url=https://web.archive.org/web/20240714035100/https://books.google.com/books?id=oM2IAAAAMAAJ|url-status=live}}</ref>

In 1979, the company acquired a property at University Avenue and King Street in downtown Toronto and constructed a new office complex, the [[Sun Life Centre]], which was completed in 1984.<ref name="Filey1997">{{cite book|author=Mike Filey|title=Toronto Sketches 5: The Way We Were|url=https://archive.org/details/torontosketches50000file|url-access=registration|date=October 1, 1997|publisher=Dundurn|isbn=978-1-4597-1330-7|pages=[https://archive.org/details/torontosketches50000file/page/137 137]–}}</ref>
[[File:Vieux Sun Life 24.JPG|alt=|thumb|The 1889 Sun Life Building at 266 [[Notre-Dame Street|rue Notre-Dame]], by [[Robert Findlay (architect)|Robert Findlay]].]]
For the largest employer of English-speaking people in Montreal, this would make things very difficult. Many, if not most, of Sun Life's Head Office employees in 1979 were not fluent in French. Sun Life was quite clear that this was the reason for its move when it made the announcement. The PQ government was quick to label Sun Life "bad corporate citizens" and claimed that if "they had only warned us, we could have worked something out."<ref name=CBC1>{{cite episode |title=CBC reports on Sun Life leaving Montreal in 1978 |url=http://www.cbc.ca/archives/categories/politics/language-culture/fighting-words-bill-101/sun-life-packs-up.html |access-date=August 18, 2014 |date=January 6, 1978 |series=The World at Six |credits=Reporters: Karen Birchard, Richard Inwood |work=[[CBC Radio]] |archive-date=February 2, 2015 |archive-url=https://web.archive.org/web/20150202125326/http://www.cbc.ca/archives/categories/politics/language-culture/fighting-words-bill-101/sun-life-packs-up.html |url-status=live }}</ref>

The downsizing of Sun Life's Montreal office did not take place overnight. Transfers and moves occurred on a departmental basis and did not commence until several months after the announcement. By 1980, 300 head office employees were located in Toronto.<ref>{{Cite web | url=https://ici.radio-canada.ca/nouvelle/1076086/sun-life-demenagement-montreal-toronto-pq-archives | title=Il y a 40 ans : Le déménagement surprise de la Sun Life | access-date=August 26, 2018 | archive-date=August 26, 2018 | archive-url=https://web.archive.org/web/20180826113443/https://ici.radio-canada.ca/nouvelle/1076086/sun-life-demenagement-montreal-toronto-pq-archives | url-status=live }}</ref>

[[Image:Sun-Life-Building-June-2007.jpg|thumb|right|The Sun Life building in [[Montreal]], [[Quebec]]]]

=== 2000s ===
In 2008, Sun Life sold its 37% interest in CI Financial Income Fund to [[Scotiabank]]. Sun Life had originally acquired a significant [[ownership interest]] in the firm by selling its Canadian mutual fund subsidiaries to CI Financial in 2002.<ref name="CBC">{{cite news |url=https://www.cbc.ca/news/business/ci-funds-to-acquire-mutual-fund-businesses-of-spectrum-clarica-1.340184 |title=CBC News – CI Funds to acquire mutual fund businesses of Spectrum, Clarica |access-date=December 24, 2020 |date=May 22, 2002 |archive-date=January 19, 2024 |archive-url=https://web.archive.org/web/20240119143125/https://www.cbc.ca/news/business/ci-funds-to-acquire-mutual-fund-businesses-of-spectrum-clarica-1.340184 |url-status=live }}</ref>

=== 2010s ===
In addition, in July 2019, SLC's real estate division was merged under the name [[BentallGreenOak]] Real Estate.<ref name=":0">{{Cite web|url=https://insurance-journal.ca/article/sun-life-completes-bentallgreenoaks-acquisition/|title=Sun Life completes BentallGreenOaks acquisition|access-date=September 16, 2019|archive-date=July 14, 2024|archive-url=https://web.archive.org/web/20240714035102/https://insurance-portal.ca/|url-status=live}}</ref>

In December 2020, Dean Connor announced his intent to retire as President and CEO in August 2021. He was then replaced by Kevin Strain, who was the former Chief Financial Officer at Sun Life.<ref>{{Cite web|title=Sun Life CEO Dean Connor to retire next year|url=https://financialpost.com/executive/sun-life-ceo-to-retire-next-year|access-date=December 4, 2020|website=financialpost|language=en-CA|archive-date=December 2, 2020|archive-url=https://web.archive.org/web/20201202213522/https://financialpost.com/executive/sun-life-ceo-to-retire-next-year|url-status=live}}</ref>

== Sun Life in North America ==

=== Canada ===
Sun Life contributes to the local economy as one of the top 5 major employers in the region, with approximately 3,500 employees – more than 40% of Sun Life's employee base in Canada.<ref>{{Cite web|url=https://canadastop100.com/waterloo/|title=Waterloo Top|access-date=September 16, 2019|archive-date=May 15, 2020|archive-url=https://web.archive.org/web/20200515045728/https://canadastop100.com/waterloo/|url-status=live}}</ref>

In 2012, Sun Life celebrated the 100th anniversary of its Canadian head office building, located on King Street, right on the border of the Cities of Kitchener and Waterloo. The English headquarters is in Waterloo, and most of the French business is done in the main Montreal office. There are also offices in Toronto, Vancouver, Halifax and Ottawa.<ref>{{Cite web|url=https://www.sunlife.ca/ca/About+us/Newsroom/Canadian+head+office?vgnLocale=en_CA|title=Canadian head office|access-date=September 16, 2019|archive-date=February 26, 2019|archive-url=https://web.archive.org/web/20190226235224/https://www.sunlife.ca/ca/About+us/Newsroom/Canadian+head+office?vgnLocale=en_CA|url-status=live}}</ref>

In early 2023, Sun Life's Sponsored Markets business was acquired by [[Securian Canada]]. <ref>{{Cite web |title=Canadian Premier completes acquisition of Sun Life sponsored markets business |url=https://www.insurancebusinessmag.com/ca/news/life-insurance/canadian-premier-completes-acquisition-of-sun-life-sponsored-markets-business-435103.aspx |access-date=2025-10-28 |website=www.insurancebusinessmag.com |language=en}}</ref>

=== United States ===
Sun Life U.S. has the sixth-largest group benefits business in the United States and serves more than 60,000 employers in small, medium and large workplaces.<ref>{{Cite web|url=https://cdn.sunlife.com/static/Unitedstates/Updates/Assurant_Employee_Benefits_Acquisition/Sun_Life_Financial_U.S._Group_Benefits_Fact_Sheet_8.1.16.pdf|title=Sun Life Financial U.S. – Group Benefits key facts and figures|access-date=September 16, 2019|archive-date=January 21, 2021|archive-url=https://web.archive.org/web/20210121185518/https://cdn.sunlife.com/static/Unitedstates/Updates/Assurant_Employee_Benefits_Acquisition/Sun_Life_Financial_U.S._Group_Benefits_Fact_Sheet_8.1.16.pdf|url-status=live}}</ref>

In 2018, Sun Life U.S. was named one of the Top Places to Work in Massachusetts for 2018 by ''The Boston Globe''.<ref>{{Cite web|url=https://www.bostonglobe.com/business/specials/top-places-to-work/2018/11/15/greater-boston-top-largest-employers/EUZk8XwaVOGr7XcE9UvMpJ/story.html?event=event12|title=Greater Boston Top Employers|website=[[The Boston Globe]]|access-date=September 16, 2019|archive-date=August 14, 2019|archive-url=https://web.archive.org/web/20190814132332/https://www.bostonglobe.com/business/specials/top-places-to-work/2018/11/15/greater-boston-top-largest-employers/EUZk8XwaVOGr7XcE9UvMpJ/story.html?event=event12|url-status=live}}</ref>

== Sun Life Asset Management ==
Sun Life's asset management operation includes subsidiaries:

* MFS Investment Management, which serves individual and institutional investors around the world;
* SLC Management, which provides investment options for defined benefit pension plans, insurance companies and other institutional investors globally. SLC Management has two distinct units: a fixed-income pillar operating under the SLC Management banner (including Sun Life affiliates Prime Advisors, Ryan Labs Asset Management and Sun Life Institutional Investments); and a real estate division named BentallGreenOak.<ref>{{Cite web|url=https://www.investmentexecutive.com/news/industry-news/sun-life-combines-asset-management-businesses-under-slc-management/|title=Sun Life combines asset management businesses under SLC Management|date=June 18, 2019|access-date=September 16, 2019|archive-date=June 18, 2019|archive-url=https://web.archive.org/web/20190618164755/https://www.investmentexecutive.com/news/industry-news/sun-life-combines-asset-management-businesses-under-slc-management/|url-status=live}}</ref>
*In December 2019, Sun Life announced an intention to acquire a majority stake in InfraRed Capital Partners, which will see InfraRed form part of SLC Management<ref>{{Cite web|title=Sun Life completes acquisition of InfraRed Capital Partners|url=http://insurance-portal.ca/article/sun-life-completes-acquisition-of-infrared-capital-partnersf/|access-date=December 4, 2020|website=Insurance Portal|language=fr|archive-date=August 8, 2020|archive-url=https://web.archive.org/web/20200808004127/https://insurance-portal.ca/article/sun-life-completes-acquisition-of-infrared-capital-partnersf/|url-status=live}}</ref>
*In October 2020, Sun Life announced an intent to acquire a 51% stake in alternative credit investment manager Crescent Capital LP. Crescent will be part of SLC Management.<ref>{{Cite web|last=News|first=Bloomberg|date=October 22, 2020|title=Sun Life buys majority stake in Attanasio's Crescent Capital - BNN Bloomberg|url=https://www.bnnbloomberg.ca/sun-life-buys-majority-stake-in-attanasio-s-crescent-capital-1.1511429|access-date=December 4, 2020|website=BNN|archive-date=November 1, 2020|archive-url=https://web.archive.org/web/20201101132248/https://www.bnnbloomberg.ca/sun-life-buys-majority-stake-in-attanasio-s-crescent-capital-1.1511429|url-status=live}}</ref>

As of March 31, 2019, SLC Management's collective operations have assets under management of C$212&nbsp;billion (US$159&nbsp;billion).<ref>{{Cite web|url=https://www.newswire.ca/news-releases/sun-life-announces-establishment-of-slc-management-814499574.html|title=Sun Life Announces Establishment of SLC Management|access-date=June 24, 2019|archive-date=June 24, 2019|archive-url=https://web.archive.org/web/20190624161120/https://www.newswire.ca/news-releases/sun-life-announces-establishment-of-slc-management-814499574.html|url-status=live}}</ref>

=== SLC Management ===
SLC Management, formerly Sun Life Investment Management (SLIM), began in 2013 when Sun Life created Sun Life Institutional Investments (Canada) Inc., to offer a range of institutional alternative asset class funds to investors in Canada.<ref>{{Cite web |date=2024-02-07 |title=SLC Management taking pioneering private credit investing to pension funds |url=https://www.pionline.com/alternatives/slc-management-taking-pioneering-private-credit-investing-pension-funds |access-date=2024-12-19 |website=Pensions & Investments |language=en}}</ref>

In June 2019, Sun Life re-branded SLIM to SLC Management and fully merged its fixed income businesses, Ryan Labs Asset Management Inc. and Prime Advisors, Inc. with Sun Life Capital Management (U.S.) In addition, in July 2019, SLC's real estate division was merged under the name BentallGreenOak Real Estate.<ref name=":0" />

== Sun Life in Asia ==
Sun Life operates in eight Asian markets - China, Hong Kong, Malaysia, Singapore, Indonesia, Vietnam, India, and Philippines.<ref>{{Cite news|url=https://business.financialpost.com/news/fp-street/canadas-sun-life-sees-asia-profit-doubling-eyes-bigger-stake-in-china-venture|title=Sun Life sees Asia profit doubling to almost $1 billion, eyes bigger stake in China venture|newspaper=Financial Post|date=June 27, 2018|access-date=September 16, 2019|archive-date=July 1, 2018|archive-url=https://web.archive.org/web/20180701100549/https://business.financialpost.com/news/fp-street/canadas-sun-life-sees-asia-profit-doubling-eyes-bigger-stake-in-china-venture|url-status=live}}</ref><ref>{{Cite web|last=Libatique|first=Roxanne|title=Sun Life expands presence in Asia with Singapore branch|url=https://www.insurancebusinessmag.com/asia/news/breaking-news/sun-life-expands-presence-in-asia-with-singapore-branch-230139.aspx|access-date=December 4, 2020|website=www.insurancebusinessmag.com|language=en|archive-date=September 24, 2020|archive-url=https://web.archive.org/web/20200924092038/https://www.insurancebusinessmag.com/asia/news/breaking-news/sun-life-expands-presence-in-asia-with-singapore-branch-230139.aspx|url-status=live}}</ref>

In 1891, the company persuaded businessman Ira Thayer to go to Asia to start an insurance business. Thayer set up a business in China in 1892 that went on to prosper for the next 54 years.

Sun Life grew to become the biggest foreign insurer in China until the Second World War when it shut down operations. The company returned to China in 1995 via a joint venture.<ref>{{Cite web|url=http://strategyonline.ca/2015/04/02/sun-life-150-years-of-making-life-brighter/|title=Sun Life: 150 years of making life brighter|date=April 2, 2015|access-date=September 16, 2019|archive-date=September 9, 2019|archive-url=https://web.archive.org/web/20190909114753/http://strategyonline.ca/2015/04/02/sun-life-150-years-of-making-life-brighter/|url-status=live}}</ref>

=== China ===
In 1995, Sun Life joined with the [[China Everbright Group]] to form Sun Life Everbright.

In 2002, Sun Life Everbright was granted approval to sell life insurance in Tianjin, China, becoming the first foreign life insurance joint venture to operate in that city and its neighbouring counties.<ref name=":1">{{Cite web|url=https://www.sunlife.com.ph/PH/About+us/Who+we+are/Our+history?vgnLocale=en_CA|title=Our History|access-date=September 16, 2019|archive-date=March 30, 2020|archive-url=https://web.archive.org/web/20200330003022/https://www.sunlife.com.ph/PH/About%20us/Who%20we%20are/Our%20history?vgnLocale=en_CA|url-status=live}}</ref>

In 2011, Sun Life Everbright received regulatory approval in China to establish Sun Life Everbright Insurance Asset Management Company, only the 12th such license issued in China.<ref name=":1" />

=== Hong Kong ===

Sun Life started operating in Hong Kong since February 22, 1892.<ref>{{cite web | url=https://www.sunlife.com.hk/en/about-us/ | title=About us | access-date=June 8, 2023 | archive-date=June 8, 2023 | archive-url=https://web.archive.org/web/20230608210335/https://www.sunlife.com.hk/en/about-us/ | url-status=live }}</ref>
 
There was a name change from SunLife Financial (HK) Ltd to Sun Life Hong Kong Ltd.

Sun Life acquired CMG Asia ComServe Financial from Commonwealth Bank of Australia in 2005.<ref>{{cite web | url=https://www.investmentexecutive.com/news/industry-news/sun-life-completes-deal-for-cmg-asia-commserve-financial/ | title=Sun Life completes deal for CMG Asia, CommServe Financial | date=October 18, 2005 | access-date=June 8, 2023 | archive-date=June 8, 2023 | archive-url=https://web.archive.org/web/20230608210159/https://www.investmentexecutive.com/news/industry-news/sun-life-completes-deal-for-cmg-asia-commserve-financial/ | url-status=live }}</ref> 

For some years, it had taken over the MPF schemes from a number of other competitors in 2010s due to its strong performance of the Hong Kong equity fund. For example, in 2016, Schroder Investment Management (Hong Kong) Limited transferred its MPF scheme to Sun Life Hong Kong.<ref>{{cite web | url=https://www.schroders.com/en-hk/hk/individual/media-centre/schroders-and-sun-life-form-mpf-strategic-relationship-in-hong-kong/ | title=Schroders and Sun Life form MPF strategic relationship in Hong Kong | access-date=June 8, 2023 | archive-date=June 8, 2023 | archive-url=https://web.archive.org/web/20230608211701/https://www.schroders.com/en-hk/hk/individual/media-centre/schroders-and-sun-life-form-mpf-strategic-relationship-in-hong-kong/ | url-status=live }}</ref>

=== India ===
Birla Sun Life Asset Management, now known as the Aditya Birla Sun Life Mutual Fund (ABSLAMC), is an investment managing company registered under the [[Securities and Exchange Board of India]]. It is a joint venture between Sun Life and the [[Aditya Birla Group]] of [[India]].

Established in 1994, BSLAMC has been a joint venture between the Aditya Birla Group and Sun Life since 1999.

With more than $34&nbsp;billion U.S. in assets under management as of 2017, Aditya Birla Sun Life Asset Management Company is one of the largest asset managers in India.<ref>{{Cite web|url=https://www.sunlifeglobalinvestments.com/Slgi/About+us/Investment+management/Aditya+Birla+Sun+Life+Asset+Management?vgnLocale=en_CA|title=Aditya Birla Sun Life Asset Management|access-date=September 16, 2019|archive-date=October 3, 2019|archive-url=https://web.archive.org/web/20191003011645/https://www.sunlifeglobalinvestments.com/Slgi/About+us/Investment+management/Aditya+Birla+Sun+Life+Asset+Management?vgnLocale=en_CA|url-status=live}}</ref>

Aditya Birla Sun Life Insurance was established on August 4, 2000, and began operations in 2001 with three insurance plans.<ref>{{Cite web |title=rediff.com: Birla Sun Life to sell insurance via DHFL: Reuters |url=https://m.rediff.com/money/2001/jul/14birla.htm |access-date=2024-04-03 |website=m.rediff.com |archive-date=April 4, 2024 |archive-url=https://web.archive.org/web/20240404121536/https://m.rediff.com/money/2001/jul/14birla.htm |url-status=live }}</ref> The [[Insurance Regulatory and Development Authority]] (IRDA) granted registration in principle to Birla Sun Life.<ref>{{Cite web |last=Datta |first=Kausik |title=Kumar Mangalam: The biggest Birla |url=https://www.rediff.com/money/2005/sep/19spec.htm |access-date=2024-04-03 |website=www.rediff.com |archive-date=November 10, 2023 |archive-url=https://web.archive.org/web/20231110125416/https://www.rediff.com/money/2005/sep/19spec.htm |url-status=live }}</ref> Initially, Sun Life Financial held a 26% stake in this joint venture,<ref>{{Cite web |date=2017-01-17 |title=Some of The Major Deals in The Indian Insurance Sector |url=https://www.news18.com/news/business/some-of-the-major-deals-in-the-indian-insurance-sector-1337026.html |access-date=2024-04-03 |website=News18 |language=en |archive-date=April 9, 2024 |archive-url=https://web.archive.org/web/20240409021335/https://www.news18.com/news/business/some-of-the-major-deals-in-the-indian-insurance-sector-1337026.html |url-status=live }}</ref> and later increased its stake to 49%.<ref>{{Cite web |last=Mallick |first=Jayanta |date=2013-07-01 |title=Birla Sun Life hikes stake in ICRA |url=https://www.thehindubusinessline.com/markets/birla-sun-life-hikes-stake-in-icra/article23122266.ece |access-date=2024-04-03 |website=BusinessLine |language=en |archive-date=April 4, 2024 |archive-url=https://web.archive.org/web/20240404121531/https://www.thehindubusinessline.com/markets/birla-sun-life-hikes-stake-in-icra/article23122266.ece |url-status=live }}</ref><ref>{{Cite web |title=Sun Life Financial hikes stake to 49% in Birla Sun Life Insurance |url=https://www.business-standard.com/article/companies/sun-life-financial-hikes-stake-to-49-in-birla-sun-life-insurance-116041100935_1.html |website=Business-standard |access-date=April 18, 2024 |archive-date=July 14, 2024 |archive-url=https://web.archive.org/web/20240714035101/https://www.business-standard.com/article/companies/sun-life-financial-hikes-stake-to-49-in-birla-sun-life-insurance-116041100935_1.html |url-status=live }}</ref>

The company received awards such as the Bhartiya Shiromani Puraskar in 2006 and the Silver award in the Insurance category at the ICAI Awards for Excellence in Financial Reporting in 2009. In 2011, ABSLI introduced the BSLI Foresight Plan, followed by the BSLI Wealth Secure Life Plan in 2012. In June 2023, ABSLI launched the Nishchit Pension Plan, aimed at assisting individuals in retirement planning.<ref>{{Cite book |last=Dhawan |first=Sunil |url=https://books.google.com/books?id=aTEEAAAAMBAJ&dq=%22Birla+Sun%22&pg=PT24 |title=Freedom 58 |date=2008-10-22 |publisher=Outlook Money |language=en |access-date=April 18, 2024 |archive-date=April 18, 2024 |archive-url=https://web.archive.org/web/20240418063502/https://books.google.com/books?id=aTEEAAAAMBAJ&dq=%22Birla%20Sun%22&pg=PT24 |url-status=live }}</ref><ref>{{Cite web |last=Bhosale |first=Kaustubh |date=2023-06-25 |title=Aditya Birla Launches New Guaranteed Pension Plan - ABSLI Nishchit Pension Plan |url=https://www.livemint.com/mutual-fund/aditya-birla-sun-life-insurance-launches-new-guaranteed-pension-plan-absli-nishchit-pension-plan-11687699081904.html |access-date= |website=mint |language=en |archive-date=April 18, 2024 |archive-url=https://web.archive.org/web/20240418063512/https://www.livemint.com/mutual-fund/aditya-birla-sun-life-insurance-launches-new-guaranteed-pension-plan-absli-nishchit-pension-plan-11687699081904.html |url-status=live }}</ref> In August 2023, ABSLI announced the ABSLI Nishchit Laabh Plan, a non-linked, non-participating individual life insurance savings plan.<ref>{{Cite book |last1=JYOTSNA |first1=SETHI |url=https://books.google.com/books?id=VNurEAAAQBAJ&dq=%22Birla+Sun+Life+Insurance%22&pg=PA411 |title=ELEMENTS OF BANKING AND INSURANCE |last2=NISHWAN |first2=BHATIA |date=2023-02-01 |publisher=PHI Learning Pvt. Ltd. |isbn=978-93-91818-41-8 |language=en |access-date=April 18, 2024 |archive-date=April 18, 2024 |archive-url=https://web.archive.org/web/20240418063512/https://books.google.com/books?id=VNurEAAAQBAJ&dq=%22Birla+Sun+Life+Insurance%22&pg=PA411 |url-status=live }}</ref>

=== Philippines ===
Sun Life entered the [[Philippines]] in 1895, and established its Cebu operations in the 1960s. As of 2019, Sun Life is the number one provider of insurance products to Filipinos. Sun Life has been in Asia since the early 1890s.
[[File:Sun_Life_of_Canada_Philippines1.jpg|150px|thumbnail|right|Sun Life of Canada Philippines]]
In 1895, Sun Life began its operations in the Philippines through the representation of the H.J. Andrews and Co., a British trading firm. Throughout the Philippine Revolution, Sun Life Philippines experienced continuous growth.

Sun Life had underground operations during the Japanese Occupation which occurred between 1942 and 1945. Sun Life was the only life insurance company who paid post-war death claims amounting to USD 1.3&nbsp;million even without documents attesting to the validity of the claims. In the end, all claims were found to be legitimate.

In 2011, Sun Life signed a joint venture agreement with the Yuchengco Group of companies for the creation of Sun Life Grepa Financial Inc., marking Sun Life's entry into the bancassurance business.<ref name=":1" /><ref>{{Cite news |date=2011-02-17 |title=Sun Life acquires stake in Filipino company |url=https://www.theglobeandmail.com/globe-investor/sun-life-acquires-stake-in-filipino-company/article578679/ |access-date=2024-12-22 |work=The Globe and Mail |language=en-CA}}</ref>

In 2023, the Insurance Commission's 2023 report ranked Sun Life of Canada (Philippines), Inc. number 1 with P306.33 billion total assets and P8.79 billion net income. Hence, on its 129th anniversary, headed by CEO and Benedict Sison, it remained the top life insurance company for 13 consecutive years with P55.79 billion in Total Premium Income.<ref>{{cite news|last1=|first1=|title=Sun Life reigns as top insurance company for 13th year in a row|url=https://www.philstar.com/business/biz-memos/2024/04/08/2346205/sun-life-reigns-top-insurance-company-13th-year-row|accessdate=May 24, 2024|publisher=[[The Philippine Star]]|date=April 8, 2024|archive-date=April 10, 2024|archive-url=https://web.archive.org/web/20240410223212/https://www.philstar.com/business/biz-memos/2024/04/08/2346205/sun-life-reigns-top-insurance-company-13th-year-row|url-status=live}}</ref>

== Corporate Initiatives ==

=== Sustainability ===
In March 2021, Sun Life announced new sustainable investing commitments, including an additional C$20&nbsp;billion in sustainable investments over the next five years across its General Account and third party investments.<ref>{{Cite web|last=Inc|first=Sun Life Financial|title=Sun Life announces new sustainable investing and climate change commitments|url=https://www.newswire.ca/news-releases/sun-life-announces-new-sustainable-investing-and-climate-change-commitments-832048670.html|access-date=May 10, 2021|website=www.newswire.ca|language=en|archive-date=May 11, 2021|archive-url=https://web.archive.org/web/20210511091647/https://www.newswire.ca/news-releases/sun-life-announces-new-sustainable-investing-and-climate-change-commitments-832048670.html|url-status=live}}</ref> The company is also pushing to scale back its GHG emissions intensity by 30% by 2030.<ref>{{Cite web|title=Sun Life doubles down on ESG commitments|url=https://www.wealthprofessional.ca/investments/socially-responsible-investing/sun-life-doubles-down-on-esg-commitments/353999|access-date=May 10, 2021|website=www.wealthprofessional.ca|language=en|archive-date=May 10, 2021|archive-url=https://web.archive.org/web/20210510171824/https://www.wealthprofessional.ca/investments/socially-responsible-investing/sun-life-doubles-down-on-esg-commitments/353999|url-status=live}}</ref>

=== DEI efforts ===
Sun Life committed to having 25% of under-represented minorities and gender parity at senior leader level by 2025.<ref>{{Cite web|last=Adriano|first=Lyle|title=Sun Life increases diversity and inclusion efforts|url=https://www.insurancebusinessmag.com/ca/news/breaking-news/sun-life-increases-diversity-and-inclusion-efforts-228273.aspx|access-date=May 10, 2021|website=www.insurancebusinessmag.com|language=en|archive-date=May 10, 2021|archive-url=https://web.archive.org/web/20210510171827/https://www.insurancebusinessmag.com/ca/news/breaking-news/sun-life-increases-diversity-and-inclusion-efforts-228273.aspx|url-status=live}}</ref>

=== Sports Marketing ===
[[File:1 kawhi leonard 2019 (cropped).jpg|alt=|thumb|258x258px|Former Raptors superstar Kawhi Leonard wearing the Sun Life patch on his jersey]]

==== Miami Dolphins NFL Stadium Sponsorship (2010–2016) ====
In 2010, Sun Life purchased the naming rights for the home field of the [[Miami Dolphins]] in [[Miami Gardens, Florida]], for a reported [[United States dollar|US$]]7.5&nbsp;million per year.<ref>{{cite news|url=http://southflorida.bizjournals.com/southflorida/stories/2010/01/18/daily5.html|title=Dolphins sell stadium naming rights to Sun Life|last=Lefton|first=Terry|date=January 18, 2010|work=[[American City Business Journals|South Florida Business Journal]]|access-date=August 18, 2014|archive-date=January 21, 2010|archive-url=https://web.archive.org/web/20100121130142/http://southflorida.bizjournals.com/southflorida/stories/2010/01/18/daily5.html|url-status=live}}</ref>

==Global Headquarters - One York==
{{See also|Sun Life Centre}}

Sun Life Global Headquarters in [[Toronto]], [[Ontario]], is located at One York Street in Toronto's South Core. The 800,000-square-foot location is along the Gardiner Expressway and holds a prominent position on the Toronto skyline.<ref>{{Cite web |date=2018-05-04 |title=Inside Sun Life Financial's new high-tech office on the water |url=https://torontolife.com/city/inside-sun-life-financials-new-high-tech-office-water/ |access-date=2024-12-19 |website=Toronto Life |language=en}}</ref>

Before the Corporate Office moved to its new Global HQ at One York Street, the Sun Life Centre on King Street served as its headquarters.<ref>{{Cite news |date=2014-02-25 |title=Sun Life moving away from Bay Street, leading a shift from Toronto's financial district |url=https://www.theglobeandmail.com/report-on-business/sunlife-move-highlights-bay-streets-geographic-shift/article17074766/ |access-date=2024-12-22 |work=The Globe and Mail |language=en-CA}}</ref> Previously, [[Sun Life Building]] in Montreal was the head office. The Sun Life Building in Montreal is a historic 122&nbsp;m (400&nbsp;ft), 24-story office building at 1155 Metcalfe Street on Dorchester Square in downtown Montreal.

==Corporate governance==
Presidents of the company have been:

* [[Thomas Workman (Canadian politician)|Thomas Workman]], 1871–1889
* [[Robertson Macaulay]], 1889–1915
* [[Thomas Bassett Macaulay]], 1915–1934
* Arthur Barton Wood, 1934–1950
* George Wesley Bourke, 1950–1962
* Alistair Matheson Campbell, 1962–1970
* Anthony Rivers Hicks, 1970–1971
* Thomas Maunsell Galt, 1972–1978
* George F. S. Clarke, 1978–1983
* John A. Brindle, 1984–1986
* John R. Gardner, 1987–1996
* Donald A. Stewart, 1996–1999
* C. James Prieur, 1999–2006
* Jon A. Boscia, 2008–2011
* [[Dean A. Connor]], 2011–2021
* Kevin D. Strain, 2021–

==Notes==
{{Reflist}}

==External links==
{{commonscat}}
* [https://www.sunlife.com/ Official website]

{{S&P/TSX 60}}
{{Major insurance companies}}
{{Insurance industry in China}}
{{Major asset management companies}}
{{authority control}}

[[Category:Sun Life Financial| ]]
[[Category:Canadian brands]]
[[Category:Financial services companies based in Toronto]]
[[Category:Financial services companies established in 1865]]
[[Category:1865 establishments in Canada West]]
[[Category:Companies listed on the Toronto Stock Exchange]]
[[Category:Former mutual insurance companies]]
[[Category:Investment management companies of Canada]]
[[Category:S&P/TSX 60]]
[[Category:Canadian companies established in 1865]]
[[Category:Multinational companies headquartered in Canada]]
[[Category:Asset management companies]]
[[Category:Mutual insurance companies of Canada]]