TORONTO, July 17, 2006 – Sun Life Financial signed today an agreement with the China Everbright Bank to distribute pensions and protection products throughout China.
The agreement involves Sun Life Financial, China Everbright Bank, and Sun Life Everbright Life Insurance Company Limited, which is a joint venture between Sun Life Financial and the China Everbright Group Limited.
“Since its establishment four years ago, Sun Life Everbright has leveraged its knowledge, people and resources to grow significantly,” said Donald A. Stewart, Chief Executive Officer, Sun Life Financial. “We are confident this initiative will contribute to our significant business growth in China, and help us reach new regions and people.”
The agreement’s initial focus will be on distribution of Sun Life Everbright pension products in conjunction with China Everbright Bank’s enterprise annuity offerings, which are a form of group pensions.
Under the agreement, China Everbright Bank will eventually distribute individual and group pension, health, and accident insurance products as well as annuities through its nationwide network of banks.
“We are very pleased that we have been able to reach this agreement with Sun Life, a leading international insurance and wealth management company,” said Mr. Xu Bin, Chairman, Sun Life Everbright Life Insurance. “We look forward to combining the strengths of Sun Life and Everbright Bank to better serve the people of China and their evolving financial security needs.”
The announcement was made in Toronto, where Sun Life Everbright Life Insurance is holding its first ever Board of Directors meeting outside of China. Terms of the agreement were not disclosed.
About China Everbright Bank
Founded in August of 1992 and headquartered in Beijing, China Everbright Bank is the first state-owned commercial bank with shares held by international financial institutions. The Bank has expanded to include a total of 370 branches and sub-branches in 36 cities in 23 provinces. China’s economic growth in recent years has propelled Everbright into becoming one of China’s largest and most influential financial organizations. In 2005 the bank had CNY$530 billion in assets under management.
About Sun Life Everbright Life Insurance Company Limited
Formed in 2002, Sun Life Everbright Life Insurance Company Limited is a joint venture between Sun Life Assurance Company of Canada and China Everbright Group Limited. Sun Life Everbright develops and markets innovative insurance products customized for the growing needs of its customer base. Its 2,500-strong sales force offers a broad range of products including term, endowment, critical illness, personal accident plans and juvenile insurance.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2006, the Sun Life Financial group of companies had total assets under management in excess of CDN$400 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.Tags: China, Sun Life