Sun Life Reveals Plans to Discontinue Two US Products

By Bizclik Editor

 

Sun Life Financial announced today its growth strategy for the US and Canada. After reviewing its businesses, Dean A. Connor, President and CEO of Sun Life explained its future plans to  improve shareholder equity.

Sun Life Financial has four key pillars in its growth plans. First it will continue building its already leading position in Canada in regards to insurance, wealth management and employee benefits. In the US, Sun Life is moving forward on becoming a leader in group insurance and voluntary benefits. Part of its US strategy, Sun Life has decided to close its domestic US variable annuity and individual life products to new sales on December 30th, 2011. Sun Life will continue to support growth in MFS Investment management as well as other products globally and will additionally strengthen its competitive position in the Asian region.

The decision to pull away from certain products in the US came from business analysis of unfavourable product economics and Sun Life believes this indication shows that the products no longer enhance shareholder value. Sun Life ensures that this decision to discontinue variable annuity and individual life products in the US will not affect current customers' policies.

“To achieve growth in the U.S., we will focus on increasing sales in our employee benefits business, which is already a top ten player, and will expand our presence in the growing voluntary benefits segment. We are confident that with the focused investment announced earlier this year we can build leading positions in these two sustainable, less capital-intensive businesses. We will also continue to support growth in MFS, our highly successful investment manager that has a large U.S. presence and over US$250 billion of assets under management globally,” said Connor.

 

SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:

Click here to read the latest issue of Business Review Canada 

 

 

“Today begins a new chapter in the history of Sun Life Financial,” said Connor. “We are charting a new course with a new strategy that leverages what we do best today, and positions us for success as we pursue the many opportunities in our business around the world.”

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI