Sun Life 2012 Annual Report Download - page 16

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ASIA
“Our 2015 goals reflect the strong underlying growth of our
businesses and the rapid expansion of markets in the region.
We have deep roots, a strong presence, and both the local
and global resources to build sustainable shareholder value.”
KEVIN D. STRAIN
PRESIDENT, SUN LIFE FINANCIAL ASIA
IMAGINE THE ADVENTUROUS SOULS WHO SET OUT FROM MONTREAL IN 1892 WITH A TRUNK FULL OF POLICY
APPLICATIONS TO ESTABLISH A BUSINESS HALFWAY AROUND THE WORLD IN HONG KONG. TODAY, GROWTH
OF THE MIDDLE CLASS IN ASIA, COUPLED WITH STRONG ECONOMIC GROWTH, FAVOURABLE DEMOGRAPHICS
AND LOW PENETRATION RATES FOR OUR PRODUCTS AND SERVICES, PRESENTS A TREMENDOUS OPPORTUNITY
FOR GROWTH FOR SUN LIFE.
In 2012 we sold 2.5 times as much individual life insurance in Asia as we did in Canada – and we’re well positioned to
grow our Asian Pension and Group Life and Health businesses as the demand for retirement solutions continues to
expand across the region. With announcements of a new joint venture in Vietnam with PVI Holdings in 2012, and a new
strategic partnership with Khazanah Nasional Berhad to acquire a majority of CIMB Aviva Assurance Berhad and CIMB
Takaful Berhad in Malaysia in early 2013, we will soon operate in seven markets that represent more than 70% of Asia’s
population and 90% of the growth expected in our industry over the next decade.
We operate three businesses in the Philippines: life insurance, asset management and a new bancassurance joint venture.
Sales are up, brand recognition is high, and we have become the number one player in the market as we continue to
emphasize growth and innovation.
Hong Kong, where we have both life and pension businesses, is our most mature and competitive market in Asia. Life
sales are progressing well, driven in part by mainland Chinese doing business in Hong Kong. Our pension business has
been winning market share based on service and performance. We’re also applying key learnings from our Canadian
rollover business as we advance our efforts on workplace marketing.
Indonesia is the fourth most populous country in the world. We made good progress growing our agency force in 2012,
closing the year with over 5,000 agents. Our bancassurance business PT CIMB Sun Life, is one of the fastest growing
life insurance companies in the country, aided by a strong joint venture partner in CIMB.
In China, Sun Life Everbright has been growing rapidly, with over 100 branches across 15 provinces, covering roughly 60%
of the market. We are fortunate to have a strong joint venture partner in the China Everbright Group.
In India, Birla Sun Life Asset Management is ranked number four and Birla Sun Life Insurance number five in
their respective business lines. The sweeping regulatory changes enacted in 2010 are still being felt across the life
insurance industry today, but with our partner, Aditya Birla Group, we are well positioned to navigate through
the necessary changes.
In sum, we are in the most important growth markets in Asia. We’re in the right businesses, we have the right partners,
and we’re focused on profitable growth.
14
Chief Executive Officer’s Message
GROW
ASIA TO BECOME A MORE
SIGNIFICANT PART
OF SUN LIFE’S RESULTS