HISTORY of Sun Life Financial
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HISTORY OF Sun Life Financial It was the 1860s, the Victorian Era, and a period of expanding horizons and industrial and cultural advancement. In Montreal, a leading businessman and pillar of society, Mathew Hamilton Gault, had a bold vision of creating an insurance company that would contribute to the economic growth and prosperity of the newly forming country of Canada. He realized his ambition by founding what is now the Sun Life Financial organization. The following milestones tell the story of our company from the time of Mathew Gault to today. SUN LIFE BUILDING, MANILA (LEFT) SUN LIFE MONTREAL BUILDING TODAY (BELOW) EARLY CONSTRUCTION, SUN LIFE BUILDING, MONTREAL (BELOW) MATHEW HAMILTON GAULT, FOUNDER (ABOVE) 1865 1871 1880s 1914 March 18 – We receive assent from the With improved conditions, we Sun Life begins its worldwide expansion, World War I – Many Sun Life Legislative Assembly of the Province commence business as Sun Mutual and by 1920 operates in 55 countries. This employees contribute to the war of Canada to incorporate a company Life Insurance Company of Montreal, includes Hong Kong in 1892, the U.K. in effort, the company is among the to conduct the business of insurance. changing our name in 1882 to Sun Life 1893, and the Philippines and the U.S. in largest subscribers to War Bonds and However, unfavourable economic Assurance Company of Canada. 1895, where we operate to this day. they are also sold through the Sun Life conditions delay plans to move sales force. forward. In Montreal, construction begins on the landmark building known around the world as The Sun Life Building, one of the finest in the British Empire. Its final phase is completed in 1933, and we employ over 1,600 people today in the distinguished building. 1865 1870 1875 1880 1885 1890 1900 1910 FIRST GROUP CLIENT CARD (BELOW) SECRET VAULT BENEATH MONTREAL BUILDING (LEFT) 1919 1925 1930s 1940–1945 Sun Life is the first company in Canada Sun Life gives $25,000 to the Banting We face the challenges of the Great World War II – The company’s overseas to offer group life insurance, and Research Foundation for the support Depression, then, company assets begin operations are significantly affected by within a few years we are an important of medical research including diabetes rising again in 1936 as world economies the war, and in its aftermath we help the provider of group benefit plans and insulin, a sizable donation for the begin their recovery. families of policyholders by taking special throughout Canada and the time. In 2013, Sun Life commits to the measures to honour claims. Throughout United States. diabetes cause worldwide, committing the war, Winston Churchill’s government over $11 million to research, prevention, uses a secret vault three floors beneath education and care initiatives. our Montreal building to safeguard $5 billion in securities that helped fund Britain’s war effort. 1920 1925 1930 1935 1940 1945 Around the world, economic and political changes cause Sun Life to exit many markets, but we leave behind a favourable POST-WAR YEARS reputation that will serve us well as the countries' markets re-open in future years. SEATED AT THE NEW HEADQUARTERS, CONTROLS IS ONE YORK STREET PRESIDENT GEORGE (LEFT) W. BOURKE (RIGHT) GROUNDBREAKING CEREMONY, 150 KING ST. W. (BELOW) 1958 1962 1978 1982 1984 Sun Life is a pioneer in technology, Sun Life becomes Sun Life policyholders vote Sun Life acquires Massachusetts Construction of Sun Life’s buying its first computer – a 24 ton a mutual company to relocate the company’s Financial Services (MFS), the worldwide corporate Univac II – which sits on a half-acre following a lengthy corporate headquarters from Boston-based investment headquarters is completed of space in our head office. mutualization process Montreal to Toronto. management company. MFS at the crossroads of King and and the buying back “invented” the mutual fund University Streets in Toronto. of our shares for $65 in 1924 and today is a global The headquarters will move in million in total. investment manager with 2017 to a new building — One operations in over 20 countries. York Street, bringing together our downtown Toronto employees in one location. 1950 1955 1960 1965 1970 1975 1980 1985 1995 1996 1998 1999 Commencing an era of new expansion Sun Life establishes Sun Life opens a services centre in As the insurance market re-opens to in Asia, Sun Life enters the Indonesia Sun Life Financial International, Waterford, Ireland, followed later by foreign companies, we return to India by market. We operate today as offering products to high-net-worth service centres in India and the forming the joint venture Birla Sun Life PT Sun Life Financial Indonesia, clients around the world. It is based Philippines. They provide technology with the highly respected Aditya V. Birla as well as through joint venture in Bermuda and has regional offices in and business support services to Group. CIMB Sun Life that delivers insurance Dubai, Panama and Singapore. many parts of the company. In China, Sun Life joins with well- products to customers of the CIMB established local partner the Niaga bank nationwide. China Everbright Group to form The Philippines Post Office honours Sun Life Everbright. our 100-year anniversary in the Philippines with two special-issue Sun Life centennial stamps. 1990 1995 1996 1997 1998 1999 SUN LIFE FINANCIAL/ CLARICA ANNOUNCE- MENT (BELOW) 2000 2001 2002 2004 2005 We demutualize and shares In December, Sun Life Everbright is granted Our Canadian group Sun Life Financial is named of Sun Life Financial Inc. begin Sun Life Financial and approval to sell life insurance retirement services business to the inaugural list of The trading on March 23 on the Clarica Life Insurance in Tianjin, China, becoming becomes the leading provider Global 100 Most Sustainable Toronto (TSX), New York Company announce an the first foreign life insurance of defined contribution Corporations in the World, (NYSE) and Philippine (PSE) agreement to combine joint venture to operate in retirement plans in the by Corporate Knights, stock exchanges. Over one operations in a landmark that city and its neighbouring country by market share, for excellence in social, million eligible policyholders transaction to create a counties. and in 2010 we also become environmental and strategic around the world receive powerhouse in the Canadian number one in the Canadian governance practices, and demutualization benefits. marketplace. The merger group benefits market. appears on the list in many To mark our new beginning, is completed in 2002 subsequent years. we adopt the brand name and by year’s end 2003 Sun Life Financial and a new the operations are fully corporate logo that combines integrated. the sun and the earth. 2000 2001 2002 2003 2004 2005 2008 2010 2011 2012 2013 In the face of the We continue building our brand We expand our Philippine We enter Vietnam We enter Malaysia with global financial crisis, around the world and acquire operations by forming the joint through joint venture Sun Life Malaysia Assurance Berhad we remain among the naming rights to Sun Life venture Sun Life Grepa Financial, PVI Sun Life with and Sun Life Malaysia Takaful Berhad, the world’s strongest Stadium in Miami, Florida. distributing insurance through strong local partner our joint ventures with partners insurance companies branches of the Rizal Commercial PVI Holdings. Khazanah Nasional Berhad and CIMB Sun Life Global Investments and continue building Banking Corporation nationwide. Group Holdings Berhad. Our footprint (Canada) Inc. is launched, our businesses. in Asia now includes 16 companies bringing to Canadians high Sun Life Everbright receives and six local partners across seven quality investment products regulatory approval in China markets in Asia. and solutions by leveraging our to establish Sun Life Everbright relationships with world-class Insurance Asset Management We sell our domestic U.S. annuity investment managers. Company, only the 12th such business, significantly reducing our license issued in China. risk profile. The company now focuses its U.S. operations on the growing group benefits business. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Sun Life Investment Management Inc. is formed, We celebrate our Sesquicentennial – 150 years In asset management, we grow our Sun Life leveraging Sun Life’s long-standing investment since our founding. We take great pride in Investment Management business with three experience to offer private asset class funds our heritage and international presence that acquisitions: Bentall Kennedy, one of North and liability driven investment solutions to has enabled us to touch the lives of millions America's largest real estate investment advisors institutional investors in Canada. of people around the world, and help them and service providers, and U.S. institutional asset achieve lifetime financial security. managers Prime Advisors and Ryan Labs. Building our U.S. business, we announce plans to acquire the Employee Benefits business of Assurant, Inc. The transaction, which closed March 1, 2016, created the sixth largest group benefits business in the U.S. with one of the broadest product portfolios in the industry. 2014 2015.