Sun Life Financial (SLF) has announced plans to merge SLF International, its international high net worth (HNW) life insurance arm, with SLF Asia, its Asia business group.
The integration process will be effective from the first quarter of this year. However, the decision will not impact clients, products or services, the insurer said.
The international division was previously part of the firm’s US business group. From now on, results of the international business will be reported as part of the Asia business.
SLF president and CEO Dean Connor said: “Our SLF International business helps high net worth (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.
“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.”
SLF has presence in various markets including Canada, US, UK, Ireland, Hong Kong, Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. The firm managed $975bn at the end of December 2017.