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Sun Life does not need to make acquisitions to drive growth -CEO

Published 2016-05-11, 12:41 p/m
© Reuters. Sun Life does not need to make acquisitions to drive growth -CEO
SLF
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TORONTO, May 11 (Reuters) - Canada's third biggest life
insurer Sun Life Financial Inc SLF.TO does not need to make
acquisitions to drive future growth and is focusing on
developing existing businesses, its chief executive said.
The company has made several acquisitions over the past
three years, especially in Asia, as it looks to stimulate growth
and offset the impact of a low interest rate environment.
However, CEO Dean Connor said on Wednesday that Sun Life's
first priority was now to focus on organic growth through a
"four pillar strategy" incorporating its businesses in Canada,
the United States, Asia and in asset management.
"I'd say we don't need to make acquisitions because we think
we are building scale in all four pillars," Connor told
reporters after the bank's annual meeting.
Sun Life on Tuesday reported a 13 percent increase in
underlying net income in the first quarter.
A key driver of growth has been expansion in Asia, where Sun
Life is providing services to the region's burgeoning middle
class demographic. The company currently operates in seven Asian
countries including China, India, Hong Kong and the Philippines.
"Job 1 is to get larger in those 7 markets. I think we can
do that organically. That's not to say we won't move into an 8th
or 9th but that's not our first priority," Connor said.

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