Canada-based insurance company Sun Life Financial Inc said its joint venture with a state-controlled firm would start to return profits in 2015. According to Chief Executive Officer Dean Connor, he expected to increase the income contribution from its Asian business from 8.3% last year to 12% in 2015 by growing the business organically. He also said that acquisitions would be needed to bring the income level to 15% to 20%.
Income rose at Sun Life Everbright Insurance Co after Sun Life reduced its stake in the joint venture. It was in 2002 when Sun Life and state-controlled China Everbright Group Ltd set up Sun Life Everbright Insurance Co. In 2010, Sun Life cut its holding in the joint venture firm to below 25%. This gave the company the legal status of a Chinese insurer. It also enabled the firm to open more branches all over China at a much faster rate, Bloomberg reported.
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