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 /PRNewswire/ - 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.