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Canadian insurer Sun Life sees Asia account for 25% of income by 2026, report says

Sun Life expects Asia to contribute 25% of its income by 2026, from 18% currently
By Goh Thean Eu   
July 31, 2020

Canadian insurer Sun Life Financial Inc expects Asia to account for about 25% of its income by 2026, up from the current 18%, partly driven by digital channels, according to a Reuters report, quoting Sun Life Asia President Leo Grepin.

Mr. Grepin says the company has ramped up its digital capabilities in Asia, which helped to cushion a slowdown in physical sales by agents as governments imposed lockdowns to curb the spread of the coronavirus pandemic.

"[The company] will further bolster its digital capabilities to tap into a growing awareness of life and health insurance products in a region where insurance density is quite low," he says in the July 30 report.

Sun Life is present in seven markets in Asia, including China, Hong Kong, India, and Philippines, through subsidiaries or joint ventures with local firms.

According to Mr. Grepin, the pandemic has raised awareness in the region about the importance of insurance.

“The awareness will stay [and] the economic side of the crisis will resolve itself,” he says, adding that Sun Life is already seeing a rebound in sales in China and Hong Kong.

Spokespersons for the company did not immediately respond to questions from Asia Asset Management.

Montreal-based Sun Life Financial had C$1.02 trillion (US$760.95 billion) of assets under management as of end-March 2020.