TORONTO (Yosefardi) – Sun Life Financial Inc. reported that total individual life sales in the first nine months of 2014 increased 8% from the first nine months of 2013.
Sales increases in Hong Kong, Indonesia and China were partially offset by lower sales in the Philippines and India.
Sales in Hong Kong, Indonesia and China increased 17%, 17% and 5%, respectively, measured in local currency, driven by growth in the agency channel in Hong Kong and Indonesia and growth in the bancassurance channel in China.
Sales in the first nine months of 2014 also include our new joint ventures in Malaysia and Vietnam which began sales in the second quarter of 2013.
“Our operations in Asia continued on its strong growth trajectory, with 33% growth in individual life insurance sales compared to the same period last year, and continued growth in underlying net income,” it said.
Sun Life continues to deepen its distribution platforms in Asia and have gained momentum in agency sales.
Compared to last year, agency sales were up 39% in Hong Kong, 13% in Indonesia and 25% in the Philippines, in local currencies.
Sun Life Hong Kong Limited continues to drive strong sales of its mandatory provident fund pension products; sales increased 19% compared to the same period last year in local currency.
As of September 30, 2014, the Sun Life Financial group of companies had total assets under management of $698 billion.