Sun Life Financial eyes growth in China, India, US

* Everbright JV became Chinese company this year

* Eyes low penetration in China, India markets

* MFS fund arm to benefit from global platform
(In U.S. dollars unless noted)

TORONTO, Nov 23 (BestGrowthStock) – Sun Life Financial (SLF.TO: ),
Canada’s No. 3 insurer, plans to expand its operations in China
and India to capitalize on the insurance and investment needs
of a growing middle class in the two countries, the company’s
chief executive said on Tuesday.

Sun Life plans to expand its Chinese presence through its
Everbright joint venture, which became the first foreign joint
venture to be recognized as a domestic Chinese company this
past summer.

“As insurance penetration is currently low in these
markets, there are excellent prospects, partly driven by the
strong domestic savings cultures,” Sun Life Chief Executive Don
Stewart told an investor presentation in Toronto.

Everbright, which is 20 percent owned by Sun Life,
currently operates in 18 cities, and Stewart said the company
plans to expand into others.

Sun Life plans to continue to grow its Birla Sun Life unit
in India, whose premiums and deposits have more than quadrupled
to C$406 million ($398 million) over the past four years, while
its assets under management have more than tripled to C$14
billion.

The company is also eyeing rapid growth at its U.S. MFS
mutual fund arm, with a goal of eventually doubling the unit’s
assets under management to $400 billion.

Robert Manning, head of MFS Investment Management, said the
plan to raise the unit’s assets to $400 billion was an
“aspirational” goal that would be possible due to Sun Life’s
vast global reach. The insurer currently has a presence in more
than a dozen countries.

“We don’t have to invest much capital at all to take the
firm and double its size in assets,” he said.

Sun Life’s shares were down 25 Canadian cents at C$28.37 on
the Toronto Stock Exchange on Tuesday.

($1=$1.02 Canadian)
(Reporting by Cameron French; editing by Rob Wilson)

Sun Life Financial eyes growth in China, India, US