Sun Life Financial facts for kids
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Sun Life Global Headquarters at One York Street in Toronto, Canada
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| Public | |
| Traded as | TSX: SLF, NYSE: SLF, PSE: SLF |
| Industry | Financial services |
| Founded | 1865 Montreal, Quebec |
| Founders | Ricardo Amper |
| Headquarters | Toronto, Ontario |
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Key people
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| Products |
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| Revenue |  CA$35.7 billion (2021) |
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Operating income
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 CA$5.09 billion (2021) |
| CA$3.93 billion (2021) |
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| AUM | CA$1.44 trillion (2021) |
| Total assets | CA$345.37 billion (2021) |
| Total equity | CA$28.07 billion (2021) |
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Number of employees
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50,000 (2021) |
| Subsidiaries |
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Sun Life Financial Inc. is a large Canadian company. It helps people with their money. This includes things like life insurance, managing savings, and investing.
Sun Life started in 1865. Its main office is in Toronto, Ontario. The company works in many countries around the world. It helps clients in Canada, the United States, Asia, and other places. Sun Life is one of the biggest life insurance companies in Canada. It is also one of the top global insurers.
Contents
History of Sun Life
Early Years and Growth
Sun Life began in Montreal, Quebec, in 1865. It was first called "The Sun Insurance Company of Montreal." Operations actually started in 1871. The founder was Matthew Hamilton Gault, an immigrant from Ireland.
By the late 1800s, Sun Life had grown a lot. It expanded to Central and South America, the United States, the United Kingdom, Japan, China, and other international markets. The company continued to grow. It even managed through World War I. It also survived the many policy claims from the Great Flu Epidemic of 1918.
The company's first building in Montreal was built in 1918. In 1933, Sun Life finished building a large new tower for its headquarters. This building was the biggest in the British Empire at that time.
Sun Life's main business has always been life insurance. In 1919, it was the first Canadian company to offer group life insurance. This means providing insurance to a group of people, like employees of a company.
World War II and Hidden Treasures
During World War II, something secret happened at the Sun Life Building. Important financial papers from the United Kingdom were moved there for safekeeping. This was part of something called "Operation Fish."
There was a rumor that the Crown Jewels of the United Kingdom were also hidden there. This rumor was spread on purpose. It helped explain why there was so much activity at the building.
Moving to Toronto
In 1977, the government in Quebec passed a new law. It was called the Charter of the French Language. This law made French mandatory for many companies. Sun Life decided to move its main office.
On January 6, 1978, Sun Life announced it would move to Toronto, Ontario. The company said it was because of political and economic uncertainty in Quebec. Some people thought it was because Sun Life did not want to follow the new French language law.
The Quebec finance minister, Jacques Parizeau, was not happy. He called Sun Life "one of the worst exporters of Quebec capital." He even threatened to freeze some of the company's money.
In 1979, Sun Life bought land in downtown Toronto. It built a new office complex called the Sun Life Centre. This building was finished in 1984. Many employees moved from Montreal to Toronto over time.
Recent Developments
In 2019, Sun Life's real estate part joined with another company. It became known as BentallGreenOak Real Estate.
In 2020, Dean Connor announced he would retire as President and CEO. Kevin Strain took over as the new President and CEO in August 2021.
Sun Life Around the World
Sun Life in North America
Canada Operations
Sun Life is a big employer in Canada. It has about 3,500 employees there. This is more than 40% of all Sun Life employees in Canada.
In 2012, Sun Life celebrated 100 years of its Canadian head office building. This building is on King Street, between Kitchener and Waterloo. Sun Life also has offices in Toronto, Vancouver, Halifax, and Ottawa.
United States Operations
Sun Life U.S. helps over 60,000 employers. It provides group benefits to small, medium, and large workplaces.
In 2018, The Boston Globe named Sun Life U.S. one of the "Top Places to Work" in Massachusetts.
Sun Life Asset Management
Sun Life also helps people and companies manage their investments. This is called asset management. It has several companies that do this:
- MFS Investment Management: This company helps individual people and large organizations invest their money.
- SLC Management: This part of Sun Life helps pension plans and insurance companies with their investments. It includes different groups that focus on fixed-income investments and real estate.
- In 2019, Sun Life planned to buy a big part of InfraRed Capital Partners.
- In 2020, Sun Life planned to buy a part of Crescent Capital LP.
As of March 2019, SLC Management managed about C$212 billion (US$159 billion) in assets.
About SLC Management
SLC Management started in 2013. It was first called Sun Life Investment Management (SLIM). It was created to offer different investment options to large investors in Canada.
In 2019, SLIM changed its name to SLC Management. It also combined its fixed income businesses. In July 2019, its real estate part joined with another company to become BentallGreenOak Real Estate.
Sun Life in Asia
Sun Life works in eight countries in Asia. These include China, Hong Kong, Malaysia, Singapore, Indonesia, Vietnam, India, and the Philippines.
In 1891, Sun Life sent a businessman named Ira Thayer to Asia. He started an insurance business in China in 1892. This business did very well for 54 years. Sun Life became the biggest foreign insurer in China. However, it had to close during World War II. The company returned to China in 1995.
China Operations
In 1995, Sun Life partnered with the China Everbright Group. They formed a company called Sun Life Everbright.
In 2002, Sun Life Everbright was allowed to sell life insurance in Tianjin, China. It was the first foreign life insurance company to work in that city.
Hong Kong Operations
Sun Life has been in Hong Kong since 1892. Its name changed from SunLife Financial (HK) Ltd to Sun Life Hong Kong Ltd.
In 2005, Sun Life bought CMG Asia ComServe Financial. Sun Life Hong Kong has also taken over other pension schemes. This is because its Hong Kong equity fund has performed well.
India Operations
Birla Sun Life Asset Management is now called the Aditya Birla Sun Life Mutual Fund (ABSLAMC). It is a joint company between Sun Life and the Aditya Birla Group of India.
This company started in 1994. Sun Life has been a partner since 1999. It is one of the largest asset managers in India.
Aditya Birla Sun Life Insurance started in 2000. It began offering insurance plans in 2001. Sun Life Financial first owned 26% of this company. Later, it increased its ownership to 49%.
The company has won awards for its work. In 2023, it launched new plans to help people with retirement savings and life insurance.
Philippines Operations
Sun Life started in the Philippines in 1895. It opened an office in Cebu in the 1960s. As of 2019, Sun Life is the top provider of insurance products to people in the Philippines.
Sun Life continued to grow during the Philippine Revolution. During the Japanese Occupation (1942-1945), Sun Life even had secret operations. It was the only life insurance company that paid death claims after the war. It paid USD 1.3 million, even without all the documents. Later, all these claims were found to be real.
In 2011, Sun Life partnered with the Yuchengco Group of companies. They created Sun Life Grepa Financial Inc. This allowed Sun Life to offer insurance through banks.
In 2023, Sun Life of Canada (Philippines), Inc. was ranked number 1 in total assets and net income. It has been the top life insurance company for 13 years.
Company Initiatives
Working Towards a Better Future
In March 2021, Sun Life announced new plans for sustainable investing. It committed to investing an extra C$20 billion in sustainable projects over five years. The company also aims to reduce its greenhouse gas emissions by 30% by 2030.
Diversity and Inclusion
Sun Life wants to have a diverse workforce. It aims for 25% of its senior leaders to be from under-represented groups by 2025. It also wants to have an equal number of men and women in senior leadership roles.
Sports Sponsorships
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Miami Dolphins Stadium Sponsorship
From 2010 to 2016, Sun Life bought the naming rights for the home stadium of the Miami Dolphins. This is a football team in Miami Gardens, Florida. The stadium was called Sun Life Stadium.
Sun Life Headquarters
Sun Life's main global office is in Toronto, Ontario. It is located at One York Street. This large building is 800,000 square feet. It is a noticeable part of the Toronto skyline.
Before moving to One York Street, the Sun Life Centre on King Street was the headquarters. Even earlier, the historic Sun Life Building in Montreal was the main office. The Montreal building is 122 meters (400 feet) tall and has 24 stories.
Leaders of Sun Life
Here are some of the people who have been presidents of Sun Life:
- Thomas Workman, 1871–1889
- Robertson Macaulay, 1889–1915
- Thomas Bassett Macaulay, 1915–1934
- Arthur Barton Wood, 1934–1950
- George Wesley Bourke, 1950–1962
- Alistair Matheson Campbell, 1962–1970
- Anthony Rivers Hicks, 1970–1971
- Thomas Maunsell Galt, 1972–1978
- George F. S. Clarke, 1978–1983
- John A. Brindle, 1984–1986
- John R. Gardner, 1987–1996
- Donald A. Stewart, 1996–1999
- C. James Prieur, 1999–2006
- Jon A. Boscia, 2008–2011
- Dean A. Connor, 2011–2021
- Kevin D. Strain, 2021–
