Investment strengthens Sun Life's long-standing partnership with the
Aditya Birla Group
India is a major growth market for Sun Life in Asia
MUMBAI, INDIA AND TORONTO, CANADA, April 11, 2016 /CNW/ - Sun Life
Financial Inc. ("Sun Life") (TSX: SLF) (NYSE: SLF) today announced the completion of the transaction to increase its
ownership in Birla Sun Life Insurance Company Limited ("BSLI") from 26%
to 49%. It purchased the additional BSLI shares from Aditya Birla Nuvo
Limited, a part of the Aditya Birla Group ("ABG"). The transaction was
announced on December 2, 2015.
BSLI is one of two India joint ventures established between ABG and Sun
Life. BSLI commenced business in 2001 and has an extensive distribution
reach through a network of more than 60,000 advisors in 418 cities
country-wide. Sun Life's second joint venture with ABG is Birla Sun
Life Asset Management Company Limited, the fourth largest mutual fund
company in India with quarterly average assets under management of Rs.
1,366 billion (approximately C$28 billion), in which Sun Life owns 49%.1
The increased stake in BSLI aligns with Sun Life's objective of
expanding its presence in markets with strong growth opportunities.
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1 Quarterly average assets are for Q4 2015. All other figures are at
December 31, 2015.
Forward-looking information
Certain statements in this news release are forward-looking, including,
but not limited to, statements that are not historical or that are
predictive in nature or that depend upon or refer to future events or
conditions. All such forward-looking statements are made pursuant to
the "safe harbour provisions" of applicable Canadian securities laws
and of the United States Private Securities Litigation Reform Act of
1995. The forward-looking statements in this news release represent our
current expectations, estimates and projections regarding future events
as of the time of this news release and are not historical facts. These
forward-looking statements are not a guarantee of future performance
and involve risks and uncertainties and are based on key factors and
assumptions that are difficult to predict. Except as may be required by
applicable Canadian securities laws, we do not undertake any obligation
to update or revise any forward-looking statements contained in this
news release. Forward-looking statements are presented to assist
investors and others in understanding our objectives for the
transaction, strategic priorities and business outlook following the
transaction, and in obtaining a better understanding of our anticipated
operating environment following the transaction. Readers are cautioned
that such forward-looking statements may not be appropriate for other
purposes and undue reliance should not be placed on these
forward-looking statements. Information about risk factors relating to
us can be found in the annual information form of Sun Life Financial
Inc. for the year ended December 31, 2015 under the heading "Risk
Factors" and other regulatory filings filed with or furnished to
Canadian and U.S. securities regulators available at www.sedar.com and www.sec.gov.
About Birla Sun Life Insurance
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture
between the Aditya Birla Group, a leading Indian conglomerate and Sun
Life Financial Inc., one of the leading international financial
services organizations from Canada. With experience of over a decade,
BSLI has contributed to the growth and development of the Indian life
insurance industry and is one of the leading life insurance companies
in the country. BSLI has offices and advisors in 418 cities
country-wide, offering a complete range of protection solutions,
children's future solutions, wealth with protection solutions, health
and wellness solutions, retirement solutions and savings with
protection solutions. For more information, please visit www.insurance.birlasunlife.com.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
products and services to individuals and corporate customers. Sun Life
Financial has operations in a number of markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong Kong, the
Philippines, Japan, Indonesia, India, China, Australia, Singapore,
Vietnam, Malaysia and Bermuda. As of December 31, 2015, the Sun Life
Financial group of companies had total assets under management of C$891
billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
SOURCE Sun Life Financial Inc.