Sun Life plans to expand into Singapore, Thailand to boost Asia focus

Tue Oct 4, 2016 1:28am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

HONG KONG Oct 4 (Reuters) - Canada's Sun Life Financial Inc plans to expand into Singapore and Thailand as it looks to boost its presence in Asia where demand for insurance products is growing fast, said a senior executive.

The company, which has embarked on a flurry of takeovers in Asia in the past three years, will consider acquisitions as well as building its own presence in the two markets, Kevin Strain, president of Sun Life Financial Asia told Reuters.

Sun Life, which hopes to benefit from Asia's burgeoning middle class in markets such as China and India as they look to save and invest, has not yet set any timeline for the proposed expansion, he said.

Sun Life currently operates in seven Asian markets including China, Hong Kong, India, the Philippines and Malaysia. A move into Singapore and Thailand would significantly bolster its presence in Southeast Asia. (Reporting by Sumeet Chatterjee; Editing by Richard Pullin)