CORRECTED-UPDATE 1-Sun Life eyes more Asia expansion after Indonesian deal

Wed Mar 23, 2016 7:17pm EDT
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(Corrects last name of chief executive to Connor from Cooper throughout)

* CEO Dean Connor sees more opportunities in region

* Sun Life to take full control of Indonesia unit

* CEO sees opportunities from emerging middle class

By Matt Scuffham

TORONTO, March 23 (Reuters) - Sun Life Financial Inc expects to make further acquisitions in Asia, the Canadian insurer said, after agreeing on Wednesday to take full control of its Indonesian business by buying out partner CIMB Group.

Sun Life said it would buy the remaining 51 percent of CIMB Sun Life (CSL) to further expand its presence in a key Asian growth market. Financial details of the transaction were not disclosed.

In the last three years, Sun Life has made acquisitions in Malaysia, India, Vietnam as well as Indonesia. Chief Executive Dean Connor said it would consider more deals in the region as well as investing to support organic growth.

"We've invested close to 1 billion Canadian dollars ($757 million) to broaden and strengthen our Asian platform and we think there are lots more opportunities as we look ahead," Connor said in an interview.   Continued...