TORONTO, Nov. 19 /CNW/ - Sun Life Financial has created a solid foundation for sustainable growth, company executives said during an Investor Day in New York City, which focused on U.S.-based businesses Sun Life Financial U.S. and MFS Investment Management.
"Globally, Sun Life Financial's enduring success is founded upon our balanced business model. Our protection businesses provide the ability to deliver more stable and consistent earnings while our wealth businesses, which range from retail and institutional asset management to annuity and group pension, continue to benefit from demographic factors affecting retirement," said Jon Boscia, President of Sun Life Financial.
In Sun Life's U.S. operations, total Q3 '09 sales, excluding the offshore market, reached a record-breaking US$1.6 billion, up 23% from the third quarter of 2008. A driving force behind the jump in total sales was the Annuities Division, which achieved total domestic sales of US$1.4 billion, an increase of 30% from the same period last year.
Sun Life's U.S. distribution reach is also serving the Company well, thanks to strong penetration within top-tier strategic partners including M Financial, Morgan Stanley Smith Barney and UBS.
"Sun Life's U.S. operations are developing streamlined products, improved customer service and strong distribution channels," said Boscia. "These enhancements will be delivered with increased efficiencies and Sun Life's unwavering commitment to strong risk management practices."
Meanwhile, strong relative investment performance at MFS resulted in positive net flows of US$7.7 billion in the third quarter of 2009. This outstanding investment performance, coupled with expanded distribution capabilities, positions MFS to be a strong contributor to sales and earnings growth at Sun Life.
"Our strong net sales growth in 2009 reflects the solid relative performance of our investment line-up, as well as our extensive global distribution capabilities. MFS will continue to expand upon its product offerings and distribution network, adding personnel where appropriate," said Robert Manning, Chief Executive Officer of MFS.
The conference also highlighted a stronger focus on creating greater U.S. consumer awareness. Sun Life U.S. and MFS have made significant strategic investments in branding and marketing during the last year.
"Sun Life's businesses have maintained momentum even during the worst of the recession," said Boscia. "Now that the economy is entering a recovery period, we are well positioned to capitalize on growth opportunities globally."
Today's Investor Day presentations are archived via audio web casts on www.sunlife.com/InvestorDay.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation 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 September 30, 2009, the Sun Life Financial group of companies had total assets under management of C$412 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.
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