In 1891, the company persuaded businessman Ira Thayer to go to Asia to start an insurance business. Thayer set up a business in China in 1892 that went on to prosper for the next 54 years.
Sun Life grew to become the biggest foreign insurer in China until the Second World War when it shut down operations. The company returned to China in 1995 via a joint venture.[30]
China
In 1995, Sun Life joined with the China Everbright Group to form Sun Life Everbright.
In 2002, Sun Life Everbright was granted approval to sell life insurance in Tianjin, China, becoming the first foreign life insurance joint venture to operate in that city and its neighbouring counties.[31]
In 2011, Sun Life Everbright received regulatory approval in China to establish Sun Life Everbright Insurance Asset Management Company, only the 12th such license issued in China.[31]
Hong Kong
Sun Life started operating in Hong Kong since February 22, 1892.[32] There was a name change from SunLife Financial (HK) Ltd to Sun Life Hong Kong Ltd.
Sun Life acquired CMG Asia ComServe Financial from Commonwealth Bank of Australia in 2005.[33]
For some years, it had taken over the MPF schemes from a number of other competitors in 2010s due to its strong performance of the Hong Kong equity fund. For example, in 2016, Schroder Investment Management (Hong Kong) Limited transferred its MPF scheme to Sun Life Hong Kong.[34]
India
Birla Sun Life Asset Management, now known as the Aditya Birla Sun Life Mutual Fund (ABSLAMC), is an investment managing company registered under the Securities and Exchange Board of India. It is a joint venture between Sun Life and the Aditya Birla Group of India.
Established in 1994, BSLAMC has been a joint venture between the Aditya Birla Group and Sun Life since 1999.
With more than $34 billion U.S. in assets under management as of 2017, Aditya Birla Sun Life Asset Management Company is one of the largest asset managers in India.[35]
Aditya Birla Sun Life Insurance was established on August 4, 2000, and began operations in 2001 with three insurance plans.[36] The Insurance Regulatory and Development Authority (IRDA) granted registration in principle to Birla Sun Life.[37] Initially, Sun Life Financial held a 26% stake in this joint venture,[38]
Philippines
Sun Life entered the Philippines in 1895, and established its Cebu operations in the 1960s. As of 2019, Sun Life is the number one provider of insurance products to Filipinos. Sun Life has been in Asia since the early 1890s. In 1895, Sun Life began its operations in the Philippines through the representation of the H.J. Andrews and Co., a British trading firm. Throughout the Philippine Revolution, Sun Life Philippines experienced continuous growth.
Sun Life had underground operations during the Japanese Occupation which occurred between 1942 and 1945. Sun Life was the only life insurance company who paid post-war death claims amounting to USD 1.3 million even without documents attesting to the validity of the claims. In the end, all claims were found to be legitimate.
In 2011, Sun Life signed a joint venture agreement with the Yuchengco Group of companies for the creation of Sun Life Grepa Financial Inc., marking Sun Life's entry into the bancassurance business.[31][44]
In 2023, the Insurance Commission's 2023 report ranked Sun Life of Canada (Philippines), Inc. number 1 with P306.33 billion total assets and P8.79 billion net income. Hence, on its 129th anniversary, headed by CEO and Benedict Sison, it remained the top life insurance company for 13 consecutive years with P55.79 billion in Total Premium Income.[45]
Singapore
On 12 March 2026, Sunlife and Allianz began considering bids for HSBC Holdings' insurance unit, HSBC Life. A sale process was initiated in March, with non-binding bids materialising soon.[46]
