Sun Life Financial Services

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Case Details:

Case Code : BSTR112
Case Length : 32 Pages
Period : 1982 - 2002
Organization : Sun Life Financial Services
Pub Date : 2002
Teaching Note :Not Available
Countries : Canada
Industry : Financial Services

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The history of Sun Life dates back to 1865, when a group of businessmen in Montreal met to discuss the possibility of starting a life insurance company.

In 1871, the company was incorporated, and soon its agents were working in seven regions, from Halifax, Nova Scotia to Woodstock, Ontario. Sun Life expanded its operations to overseas markets, very early on. In 1892, it entered Hong Kong, and in 1893 it started its operations in the United Kingdom (UK).

In 1895, it entered United States (US) through Sun Life Assurance Company. The company operated in 49 states (all except for the state of New York), the District of Columbia and Puerto Rico. In the same year, it entered Philippines and West Indies. The company also moved into other areas of insurance.

In 1919, Sun Life became the first Canadian company to issue group insurance, and by 1942, assets under its management touched the C$1 billion mark. Sun Life entered the health insurance business in 1956, and in the same year it was converted from a shareholders' ownership into a mutual company, owned by its policyholders.

In 1982, it acquired Massachusetts Financial Services Company (MFS) and entered the mutual funds business in the US. The following year, it entered into the unit trust business in the UK and expanded its operations.

The growth of Sun Life as a financial conglomerate was attributed to its acquisitions, which gave it significant market shares.

In 1986, Sun Life entered the mutual fund business in Canada through Spectrum Mutual Fund Services. By the early 1990s, the company reached the C$300 billion mark in life insurance, and assets under its management were around C$107 billion.

In 1995, it opened a representative office in Beijing to explore the business opportunities in the world's most populous country.

The company's had a diversified product range which included financial services such as mutual funds, pension plans, annuities, and investment management services.

It offered its services through different affiliates such as Sun Life Assurance Company of Canada, Sun Life Securities Inc. and Spectrum Investment Management Limited (Refer Table I for the subsidiaries of Sun Life)...

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