Changes
→1977-1980
{{Infobox company
| name = Sun Life Financial, Inc.
| logo = [[Image:Sun Life Financial logo.svg|187px]]
| type = [[Public company|Public]]
| traded_as = {{Tsx|SLF}}, {{nyse|SLF}}, {{pse|SLF}}
| foundation = {{start date and age|1865}}<br>[[Montreal]], [[Quebec]]
| location = [[Sun Life Centre]]<br>[[Toronto]], [[Ontario]]
| key_people = [[James H. Sutcliffe]], [[Fellow of the Institute of Actuaries|FIA]], Chairman <br>[[Dean A. Connor]], President and CEO,
[[Neil R. Trahey]], Financial Advisor and Investment/Insurance King
| num_employees = 30,000 employees (2015)<ref>http://www.sunlife.com/</ref>
| revenue = {{gain}} [[Canadian dollar|CA$]] 28.573 billion (2016)<ref name="nn">http://web.tmxmoney.com/financials.php?qm_symbol=SLF.PR.A&type=IncomeStatement&rtype=A</ref>
| net_income = {{gain}} [[Canadian dollar|CA$]] 2.581 billion (2016)<ref name="nn">http://web.tmxmoney.com/financials.php?qm_symbol=SLF.PR.A&type=IncomeStatement&rtype=A</ref>
| operating_income = {{down}} [[Canadian dollar|CA$]] 3.445 billion (2016)<ref name="nn">http://web.tmxmoney.com/financials.php?qm_symbol=SLF.PR.A&type=IncomeStatement&rtype=A</ref>
| assets = {{gain}} [[Canadian dollar|CA$]] 258.238 billion (2016)<ref name="nn">http://web.tmxmoney.com/financials.php?qm_symbol=SLF.PR.A&type=IncomeStatement&rtype=A</ref>
| industry = [[Financial Services]]
| products = [[Financial Services]], [[Financial planning]] and advice, [[Life insurance]], [[Health insurance]], [[dental insurance]], [[disability insurance]], [[Investments]], pension plans, institutional asset management and [[retirement|retirement savings]]
| homepage = http://www.sunlife.com/
}}
'''Sun Life Financial, Inc.''' is a Canadian financial services company known primarily as a [[life insurance]] company. It is one of the largest [[life insurance|life insurance companies]] in the world, and also one of the oldest with a history spanning back to 1865.
Sun Life Financial has a presence in [[investment management]] with over [[Canadian dollar|CAD]]$891 billion in [[assets under management]] operating in a number of countries.<ref name=glance>{{cite book| title=2013 At A Glance| url=https://cdn.sunlife.com/sta3c/global/global/files/about_us/Publica3ons/pa_e_At_a_Glance.pdf| publisher=Sun Life Financial| deadurl=yes| archiveurl=https://web.archive.org/web/20161129022655/https://cdn.sunlife.com/sta3c/global/global/files/about_us/Publica3ons/pa_e_At_a_Glance.pdf| archivedate=2016-11-29| df=}}</ref> Sun Life ranks number 277 on the [[Forbes Global 2000]] list for 2016 as well as on the Fortune 500 list.
==History==
===Pre-World War II===
Founded in [[Montreal]], [[Quebec]], as '''The Sun Insurance Company of Montreal''' in 1865 by [[Mathew Hamilton Gault]] (1822-1887), an [[Ireland|Irish]] immigrant who settled in Montreal in 1842, its operations actually began in 1871. By the end of the 19th century it had expanded to [[Central America|Central]] and South America, the [[United States]], the [[United Kingdom]], [[West Indies]], [[Japan]], [[China]], [[India]], [[North Africa]] and other international markets. During the next five decades, the company grew and prospered, surviving the difficulties of [[World War I]] and the large drain on its finances through policy claims arising from the large number of deaths caused by the [[Great Flu Epidemic]] of 1918.
The company's original [[Dominion Square]] building in Montreal was built in 1918. Capping a Montreal construction boom that began in the 1920s, the company completed construction of the expansion of its headquarters with its new 26-storey headquarters north tower in 1933. Although the [[Tour de la Banque Royale|head office of the Royal Bank of Canada on St. James Street]] was taller by several floors, the [[Sun Life Building]] was at the time the largest building in terms of square footage anywhere in the [[British Empire]].
Chartered in 1865, its traditional base business worldwide remains life insurance, but it now also has significant asset management operations. In 1919, it was the first Canadian company to offer group life insurance. Having begun its first US operations in 1895, the company sold its first group life plan in the U.S. in 1924.
===World War II===
[[File:Sun Insurance WWII memorial.jpg|thumb|upright|alt=To the memory of J.P. Lansfield: E.T Dawson: D.C. Elder: H.D. Hodkinson of the staff of this branch of the Sun Insurance Office who fell in the war 1939–1945|right|upright|Sun Insurance WWII memorial, now at the UK's [[National Memorial Arboretum]]]]
In [[World War II]], the [[gold reserves]] and [[Security (finance)|securities]] of several European countries were secretly moved to the Sun Life Building for safekeeping. A persistent rumour that the [[Crown Jewels of the United Kingdom]] were illegally shipped out of the United Kingdom during WWII and stored there was deliberately spread in Montreal to account for increased activity at the building.<ref name="Draper1979">{{cite book|author=Alfred Draper|title=Operation Fish: The Race to Save Europe's Wealth, 1939–1945|url=https://books.google.com/books?id=gOcvAAAAMAAJ|year=1979|publisher=Cassell|isbn=978-0-304-30068-6|pages=255–257}}</ref>
===Post-World War II===
During the post-war period, the company's successful business strategies made it one of Montreal's largest white-collar employers, one of the top corporations in Canada, as well as a global player in the life insurance field. For the first half of the 20th century, the city of Montreal had been the economic hub of Canada, but it was losing ground to [[Toronto]]. As early as 1950, Toronto's economic activity surpassed Montreal's with regards to stock market trading and capitalization. The advent, in the 1960s, of political and [[terrorism|terrorist]] movements demanding the independence of Quebec from Canada cast a pallor of uncertainty over the business community.
===1977-1980===
In 1977, the newly elected [[Quebec sovereignty movement|sovereigntist]] Quebec government passed the [[Charter of the French Language]] (known as Bill 101), making the use of [[French language]] mandatory for medium- and large-scale companies when communicating with French-speaking staff. The law was received negatively by the English-speaking business community, many of whom perceived that the historical rights of the English-speaking minority should be respected. the new government also promised a referendum on Quebec sovereignty, injecting instability into the Montreal business community.<ref name="Guardian">https://www.theguardian.com/cities/2016/jul/06/40-year-hangover-1976-olympic-games-broke-montreal-canada</ref> On January 6, 1978, Sun Life became the first large company to leave Quebec post-election, announcing that it would move its head office to rented space in [[Toronto|Toronto, Ontario]].<ref name="Guardian"/><ref>https://www.tvanouvelles.ca/2011/03/21/la-financiere-sun-life-veut-repartir-a-zero-avec-le-quebec</ref><ref name="Gazette">https://montrealgazette.com/business/sun-life-now-remembers-yes-we-left-quebec-in-1978</ref> Officially, Sun Life said it was motivated by the political instability and economic uncertainty of Quebec's future, but skeptics said it was the company's unwillingness to comply with the requirements of Bill 101.<ref name="Gazette"/> In a reaction the next day, the province's finance minister [[Jacques Parizeau]] called Sun Life "one of the worst exporters of Quebec capital",<ref name="banq-leDevoir">http://numerique.banq.qc.ca/patrimoine/details/52327/2775856?docsearchtext=sun%20life%20levesque</ref> and threatened to freeze some $400 million CAD in assets.<ref name="banq-leDevoir"/><ref name="Mans1978">{{cite book|author=Rowland Mans|title=Canada's Constitutional Crisis: Separatism and Subversion|url=https://books.google.com/books?id=oM2IAAAAMAAJ|year=1978|publisher=Institute for the Study of Conflict}}</ref>
In 1979, the company acquired a property at University Avenue and King Street in downtown Toronto and constructed a new office complex, the [[Sun Life Centre]], which was completed in 1984.<ref name="Filey1997">{{cite book|author=Mike Filey|title=Toronto Sketches 5: The Way We Were|url=https://books.google.com/books?id=MUBIBKRH5dsC&pg=PA137|date=1 October 1997|publisher=Dundurn|isbn=978-1-4597-1330-7|pages=137–}}</ref>
Bill 101 required more than French communications with French-speaking staff. It made French the official language of the workplace. It also provided that present and prospective employees who could not speak English not be discriminated against because of their inability to speak English.
[[File:Sunlife Place 09.jpg|thumb|Sun Life Place in [[Edmonton]], [[Alberta]]]]
For the largest employer of English-speaking people in Montreal, this would make things very difficult. Many, if not most, of Sun Life's Head Office employees in 1979 were not fluent in French. Sun Life was quite clear that this was the reason for its move when it made the announcement. The PQ government was quick to label Sun Life "bad corporate citizens" and claimed that if ''"they had only warned us, we could have worked something out."''<ref name=CBC1>{{cite episode |title=CBC reports on Sun Life leaving Montreal in 1978 |url=http://www.cbc.ca/archives/categories/politics/language-culture/fighting-words-bill-101/sun-life-packs-up.html |accessdate=2014-08-18 |date=January 6, 1978 |series=The World At Six |credits=Reporters: Karen Birchard, Richard Inwood |work=[[CBC Radio]]}}</ref>
The downsizing of Sun Life's Montreal office did not take place overnight. Transfers and moves occurred on a departmental basis and did not commence until several months after the announcement.BY 1980, 300 head office employees were located in Toronto.<ref>https://ici.radio-canada.ca/nouvelle/1076086/sun-life-demenagement-montreal-toronto-pq-archives</ref>
There were several other key activities in the post-war years including the decision by Sun Life to leave many markets, including China and India, because of economic and political changes. In 1962, Sun Life became a mutual company and repurchased its shares for $65 million in total. In 1973, Sun Life opened its American subsidiary's new headquarters in Wellesley Hills, Massachusetts outside [[Boston]].{{citation needed|date=August 2018}}
===1980s – 1990s===
Sun Life continued to expand its wealth management business with the 1982 acquisition of [[MFS Investment Management|Massachusetts Financial Services]] (MFS), the Boston-based investment management and mutual fund company. It entered the mutual fund business in Canada by forming Spectrum Mutual Fund Services in 1987 (subsequently sold to CI Financial) and a decade later, acquired McLean Budden, a Canadian investment management firm (subsequently folded into MFS).
International expansion continued in the 1990s. In 1995, Sun Life entered the Indonesia market through local company PT Asuransi Modern Sun Life, now called PT Sun Life Financial Indonesia and opened a Representative Office in Beijing in preparation to enter China. A year later, Sun Life opened a services centre in Waterford, Ireland, to provide technology and business processing support for Sun Life business units.
In 1999, Sun Life officially returned to [[India]] and [[China]] when it established two joint ventures – Birla Sun Life in India with local partner [[Aditya Birla Group]], and Sun Life Everbright in China with partner [[China Everbright Group]]. Over the next decade, both operations grew rapidly – by September 2008, there were 132,460 Birla Sun Life advisors working in 600 branches across India while Sun Life Everbright opened its sixth branch in Guangzhou, bringing its presence to 18 cities in [[China]].
[[Image:Sun-Life-Building-June-2007.jpg|thumb|right|The Sun Life building in [[Montreal]], [[Quebec]]]]
=== 2000 to present ===
In early 1998, Sun Life announced its intention to [[demutualize]]. In March 2000, its Initial Public Offering (IPO) started the trading of Sun Life Financial Inc. shares on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges.
In 2002, Sun Life combined its operations with '''Clarica Life Insurance''' Company of [[Waterloo, Ontario]]. Founded in 1870 as ''Mutual Life of Canada'', Clarica was known as The Mutual Group before it went public in 1999. The former head office for Mutual Life Assurance Company at 227 King Street South in Waterloo became the home to Sun Life's Canadian operations, while a regional office and Sun Life’s corporate headquarters remained in Toronto. The company also maintains regional offices in [[Montreal]], [[Ottawa]], [[Edmonton]], [[Vancouver]], [[Halifax Regional Municipality|Halifax]] and [[Calgary]]. After it integrated operations, the company used the Clarica brand name for certain products and activities until 2007.
In 2005, Sun Life opened a service centre in Gurgaon, [[India]] to provide business processing and technology support for Sun Life Financial business units around the world. That same year, Sun Life purchased CMG Asia and CommServe Financial, the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia, tripling its customer base and adding group insurance and pensions to its business lines.
In 2007, Sun Life purchased the U.S. employee benefits business of Genworth Financial, placing itself in the top 10 in the U.S. group benefits market.
In 2008, Sun Life sold its 37% interest in CI Financial Income Fund to [[Scotiabank]]. Sun Life had originally acquired a significant [[ownership interest]] in the firm by selling its Canadian mutual fund subsidiaries to CI Financial in 2002.<ref name=CBC>{{cite news |url=http://www.cbc.ca/money/story/2002/05/22/cifund020522.html |title= CBC News - CI Fund acquires Sun Life mutual fund business |accessdate=2008-12-28 |date=22 May 2002}}</ref>
At September 30, 2008, Sun Life had assets under management of [[Canadian dollar|C$]]389 billion and including joint ventures had more than 28,000 employees and 147,590 advisors in 22 countries serving more than 25 million customers worldwide. Birla Sun Life Insurance is ranked as one of the top six privately owned life insurers in India.<ref name=Dalal>{{cite web |url=http://www.dalalstreet.biz/earningsnews/2008/03/life-insurers-market-share/ |title= Life Insurers Market Share |accessdate=2014-08-18| date=March 14, 2008| publisher=dalalstreet.biz}}</ref> While in Canada, Sun Life is ranked #1 in several lines of business including [[Defined Contribution Pension Plan]]s, [[Registered Retirement Savings Plan|Group RRSP]]s and Deferred Profit Sharing Plans.<ref>2008 [[Capital Accumulation Plan Report]], [[Benefits Canada]], as of June 30, 2008{{dead link|date=August 2014}}</ref>
Sun Life Financial Inc. shares trade on the Toronto, New York, and Philippines stock exchanges. It is one of [[Standard & Poor]]'s [[S&P Global 1200|Global 1200]] companies.
In 2009, Sun Life began an aggressive nationwide ad campaign in the [[United States]] touting its strength and the fact that it did not accept any [[Troubled Asset Relief Program|bailout]] money. The commercials parody the concept of [[naming rights]], where a couple of naïve employees go around the country attempting to put the company's name on various sun-themed things, from [[KC and the Sunshine Band]] to [[Cirque du Soleil]] to the state of [[Florida]]. In a case of [[life imitating art]], on January 18, 2010, Sun Life purchased the naming rights for the home field of the [[Miami Dolphins]] in [[Miami Gardens, Florida]] for a reported [[United States dollar|US$]]7.5 million per year.<ref>{{cite news| url=http://southflorida.bizjournals.com/southflorida/stories/2010/01/18/daily5.html | first=Terry| last=Lefton| title=Dolphins sell stadium naming rights to Sun Life| work=[[American City Business Journals|South Florida Business Journal]]| date=January 18, 2010| accessdate=2014-08-18}}</ref> Under the five-year contract the stadium is named [[Sun Life Stadium]]. The naming rights expired in January 2016.
In 2013, Sun Life acquired 49% [[Aviva|Aviva PLC’s]] Malaysian insurance joint venture with lender [[CIMB Group]]. Sun Life acquired the business along with Malaysian state investor [[Khazanah Nasional]], which also purchased 49%. They each paid approximately CDN$300 million. CIMB retains 2% interest.
The [[Toronto Raptors]] of the [[National Basketball Association]] announced that Sun Life will become their jersey sponsor for the 2017-18 NBA Season.
==Asset management==
Beside having a strong presence in asset management industry through [[MFS Investment Management]] and Sun Life Global Investments (Canada) Inc. that it launched in 2010, Sun Life financial also started a third-party asset-management arm in 2014, under the brand name Sun Life Investment Management, seeking to add fee revenue and distance itself from more capital-intensive operations such as annuities. The insurer in May 2014 hired Carl Bang from the [[Qatar Foundation|Qatar Foundation Endowment]] as president of Sun Life Investment Management Inc. to help lead a push with pension clients.
Sun Life had about $734 billion of assets under management as of Dec. 31 2014 including mutual funds and insurance-unit holdings.
In January 2015, Sun Life Financial Inc. announced its purchase of U.S. asset manager Ryan Labs, adding US$5.1B under management to strengthen its asset management presence in United States. It is part of the Sun Life Investment Management organization.
In July 2015, Sun Life Financial Inc. completed its purchase of U.S. asset manager Prime Advisors, Inc., adding US$13B under management. It is part of the Sun Life Investment Management organization.
The company operates in India as Birla Sun Life Asset Management. Established in 1994, [[Birla Sun Life Asset Management|Birla Sun Life Asset Management Company Ltd.]] (BSLAMC), investment manager for [[Birla Sun Life]] [[mutual fund]], has been a joint venture between the [[Aditya Birla Group]] and Sun Life Financial Inc. since 1999. Birla Sun Life Mutual Fund is the fourth largest Fund house in India based on domestic average assets under management as published by AMFI for the quarter ended March 31, 2014.
Sun Life Financial also has strong asset management presence in [[Philippines]]. It is currently the largest non-bank affiliated asset management company in the country with almost P47 billion in assets under management (AUM) as of December 2014.
==Headquarters==
[[Image:Sun Life Centre.jpg|thumb|right|The Sun Life building in [[Toronto, Ontario]], Canada]]
{{See also|Sun Life Centre}}
The '''Sun Life Financial Tower''' in [[Toronto]], [[Ontario]] is located at One York Street in Toronto's South Core. Sun Life consolidated its offices into two corporate headquarters at One York Street in 2017.
The building was developed by Menkes Developments Ltd, and Healthcare of Ontario Pension Plan (HOOPP), which is also a tenant of the building.
The 800,000 square-foot office tower is [[Leadership in Energy and Environmental Design|LEED]] Platimum certified under the [[Canada Green Building Council]].
This location along the Gardiner Expressway is a prominent position on the Toronto skyline,
Before Sun Life Centre, [[Sun Life Building]] in Montreal was the head office. The Sun Life Building is a historic 122 m (400 ft), 24 storey office building at 1155 Metcalfe Street on Dorchester Square in downtown Montreal.
==Sun Life Stadium==
[[Image:Dolphin Stadium.jpg|thumb|right|The Sun Life Stadium in 2012.]]
The American football stadium previously known as Sun Life Stadium is in Miami Gardens, Florida, a suburb of Miami. It is the home stadium of the Miami Dolphins National Football League team, and the University of Miami Hurricanes football team. It also hosts the Orange Bowl, an annual college football bowl game. It was the home to the Florida Marlins baseball team from 1993 to 2011. Originally named Joe Robbie Stadium, it has also been known as Pro Player Park, Pro Player Stadium, Dolphins Stadium, Dolphin Stadium, and Land Shark Stadium. The stadium's naming rights deal with Sun Life Financial expired in January 2016. Related Companies founder and chairman Stephen Ross, owner of the Miami Dolphins, announced a new name for the Miami Dolphins stadium in August 2016: Hard Rock Stadium. Hard Rock International will brand the newly renovated stadium. The Dolphins invested $500 million into the stadium’s renovations, including a canopy with a Hard Rock logo that covers most of the 65,326 seats.<ref>http://www.miamiherald.com/sports/nfl/miami-dolphins/article96001322.html</ref>
==Corporate governance==
Current members of the [[board of directors]] of Sun Life Financial are:<ref name=BusinessWeek>{{cite news |url=http://investing.businessweek.com/research/stocks/people/board.asp?ric=SLF.TO |title=Sun Life Financial Inc (SLF:US)| work=[[Bloomberg Businessweek]] |accessdate=2014-08-18}}</ref>
{{Col-begin}}{{Col-break}}
*William D. Anderson, FCPA, FCA (Chairman) {{nb10}}
*Richard H. Booth, CPA, CLU, CHFC
*Dean A. Connor (President & CEO)
*Martin J. G. Glynn
*M. Marianne Harris
{{Col-break}}
*Sara G. Lewis, CPA, CFA
*Real Raymond, FICB
*Hugh D. Segal, CM
*Barbara G. Stymiest, FCPA, FCA
*Christopher J. McCormick
*Ashok K. Gupta
{{Col-end}}
==Notes==
{{Reflist}}
==External links==
* [http://www.sunlife.com/ Official website]
{{S&P/TSX 60}}
{{Major insurance companies}}
{{Insurance industry in China}}
{{Insurance in India}}
[[Category:Sun Life Financial| ]]
[[Category:Canadian brands]]
[[Category:Companies based in Toronto]]
[[Category:Companies based in Bonifacio Global City]]
[[Category:Companies established in 1865]]
[[Category:Companies formerly listed on the London Stock Exchange]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies listed on the Toronto Stock Exchange]]
[[Category:Financial services companies of China]]
[[Category:Financial services companies of the United Kingdom]]
[[Category:Financial services companies of the United States]]
[[Category:Former mutual insurance companies]]
[[Category:Insurance companies of Bermuda]]
[[Category:Insurance companies of Canada]]
[[Category:Insurance companies of China]]
[[Category:Insurance companies of Ireland]]
[[Category:Insurance companies of the United Kingdom]]
[[Category:Insurance companies of the United States]]
[[Category:Investment management companies of Canada]]
[[Category:Investment management companies of the United Kingdom]]
[[Category:Life insurance companies]]
[[Category:Life insurance companies of India]]
[[Category:S&P/TSX 60 Index]]
| name = Sun Life Financial, Inc.
| logo = [[Image:Sun Life Financial logo.svg|187px]]
| type = [[Public company|Public]]
| traded_as = {{Tsx|SLF}}, {{nyse|SLF}}, {{pse|SLF}}
| foundation = {{start date and age|1865}}<br>[[Montreal]], [[Quebec]]
| location = [[Sun Life Centre]]<br>[[Toronto]], [[Ontario]]
| key_people = [[James H. Sutcliffe]], [[Fellow of the Institute of Actuaries|FIA]], Chairman <br>[[Dean A. Connor]], President and CEO,
[[Neil R. Trahey]], Financial Advisor and Investment/Insurance King
| num_employees = 30,000 employees (2015)<ref>http://www.sunlife.com/</ref>
| revenue = {{gain}} [[Canadian dollar|CA$]] 28.573 billion (2016)<ref name="nn">http://web.tmxmoney.com/financials.php?qm_symbol=SLF.PR.A&type=IncomeStatement&rtype=A</ref>
| net_income = {{gain}} [[Canadian dollar|CA$]] 2.581 billion (2016)<ref name="nn">http://web.tmxmoney.com/financials.php?qm_symbol=SLF.PR.A&type=IncomeStatement&rtype=A</ref>
| operating_income = {{down}} [[Canadian dollar|CA$]] 3.445 billion (2016)<ref name="nn">http://web.tmxmoney.com/financials.php?qm_symbol=SLF.PR.A&type=IncomeStatement&rtype=A</ref>
| assets = {{gain}} [[Canadian dollar|CA$]] 258.238 billion (2016)<ref name="nn">http://web.tmxmoney.com/financials.php?qm_symbol=SLF.PR.A&type=IncomeStatement&rtype=A</ref>
| industry = [[Financial Services]]
| products = [[Financial Services]], [[Financial planning]] and advice, [[Life insurance]], [[Health insurance]], [[dental insurance]], [[disability insurance]], [[Investments]], pension plans, institutional asset management and [[retirement|retirement savings]]
| homepage = http://www.sunlife.com/
}}
'''Sun Life Financial, Inc.''' is a Canadian financial services company known primarily as a [[life insurance]] company. It is one of the largest [[life insurance|life insurance companies]] in the world, and also one of the oldest with a history spanning back to 1865.
Sun Life Financial has a presence in [[investment management]] with over [[Canadian dollar|CAD]]$891 billion in [[assets under management]] operating in a number of countries.<ref name=glance>{{cite book| title=2013 At A Glance| url=https://cdn.sunlife.com/sta3c/global/global/files/about_us/Publica3ons/pa_e_At_a_Glance.pdf| publisher=Sun Life Financial| deadurl=yes| archiveurl=https://web.archive.org/web/20161129022655/https://cdn.sunlife.com/sta3c/global/global/files/about_us/Publica3ons/pa_e_At_a_Glance.pdf| archivedate=2016-11-29| df=}}</ref> Sun Life ranks number 277 on the [[Forbes Global 2000]] list for 2016 as well as on the Fortune 500 list.
==History==
===Pre-World War II===
Founded in [[Montreal]], [[Quebec]], as '''The Sun Insurance Company of Montreal''' in 1865 by [[Mathew Hamilton Gault]] (1822-1887), an [[Ireland|Irish]] immigrant who settled in Montreal in 1842, its operations actually began in 1871. By the end of the 19th century it had expanded to [[Central America|Central]] and South America, the [[United States]], the [[United Kingdom]], [[West Indies]], [[Japan]], [[China]], [[India]], [[North Africa]] and other international markets. During the next five decades, the company grew and prospered, surviving the difficulties of [[World War I]] and the large drain on its finances through policy claims arising from the large number of deaths caused by the [[Great Flu Epidemic]] of 1918.
The company's original [[Dominion Square]] building in Montreal was built in 1918. Capping a Montreal construction boom that began in the 1920s, the company completed construction of the expansion of its headquarters with its new 26-storey headquarters north tower in 1933. Although the [[Tour de la Banque Royale|head office of the Royal Bank of Canada on St. James Street]] was taller by several floors, the [[Sun Life Building]] was at the time the largest building in terms of square footage anywhere in the [[British Empire]].
Chartered in 1865, its traditional base business worldwide remains life insurance, but it now also has significant asset management operations. In 1919, it was the first Canadian company to offer group life insurance. Having begun its first US operations in 1895, the company sold its first group life plan in the U.S. in 1924.
===World War II===
[[File:Sun Insurance WWII memorial.jpg|thumb|upright|alt=To the memory of J.P. Lansfield: E.T Dawson: D.C. Elder: H.D. Hodkinson of the staff of this branch of the Sun Insurance Office who fell in the war 1939–1945|right|upright|Sun Insurance WWII memorial, now at the UK's [[National Memorial Arboretum]]]]
In [[World War II]], the [[gold reserves]] and [[Security (finance)|securities]] of several European countries were secretly moved to the Sun Life Building for safekeeping. A persistent rumour that the [[Crown Jewels of the United Kingdom]] were illegally shipped out of the United Kingdom during WWII and stored there was deliberately spread in Montreal to account for increased activity at the building.<ref name="Draper1979">{{cite book|author=Alfred Draper|title=Operation Fish: The Race to Save Europe's Wealth, 1939–1945|url=https://books.google.com/books?id=gOcvAAAAMAAJ|year=1979|publisher=Cassell|isbn=978-0-304-30068-6|pages=255–257}}</ref>
===Post-World War II===
During the post-war period, the company's successful business strategies made it one of Montreal's largest white-collar employers, one of the top corporations in Canada, as well as a global player in the life insurance field. For the first half of the 20th century, the city of Montreal had been the economic hub of Canada, but it was losing ground to [[Toronto]]. As early as 1950, Toronto's economic activity surpassed Montreal's with regards to stock market trading and capitalization. The advent, in the 1960s, of political and [[terrorism|terrorist]] movements demanding the independence of Quebec from Canada cast a pallor of uncertainty over the business community.
===1977-1980===
In 1977, the newly elected [[Quebec sovereignty movement|sovereigntist]] Quebec government passed the [[Charter of the French Language]] (known as Bill 101), making the use of [[French language]] mandatory for medium- and large-scale companies when communicating with French-speaking staff. The law was received negatively by the English-speaking business community, many of whom perceived that the historical rights of the English-speaking minority should be respected. the new government also promised a referendum on Quebec sovereignty, injecting instability into the Montreal business community.<ref name="Guardian">https://www.theguardian.com/cities/2016/jul/06/40-year-hangover-1976-olympic-games-broke-montreal-canada</ref> On January 6, 1978, Sun Life became the first large company to leave Quebec post-election, announcing that it would move its head office to rented space in [[Toronto|Toronto, Ontario]].<ref name="Guardian"/><ref>https://www.tvanouvelles.ca/2011/03/21/la-financiere-sun-life-veut-repartir-a-zero-avec-le-quebec</ref><ref name="Gazette">https://montrealgazette.com/business/sun-life-now-remembers-yes-we-left-quebec-in-1978</ref> Officially, Sun Life said it was motivated by the political instability and economic uncertainty of Quebec's future, but skeptics said it was the company's unwillingness to comply with the requirements of Bill 101.<ref name="Gazette"/> In a reaction the next day, the province's finance minister [[Jacques Parizeau]] called Sun Life "one of the worst exporters of Quebec capital",<ref name="banq-leDevoir">http://numerique.banq.qc.ca/patrimoine/details/52327/2775856?docsearchtext=sun%20life%20levesque</ref> and threatened to freeze some $400 million CAD in assets.<ref name="banq-leDevoir"/><ref name="Mans1978">{{cite book|author=Rowland Mans|title=Canada's Constitutional Crisis: Separatism and Subversion|url=https://books.google.com/books?id=oM2IAAAAMAAJ|year=1978|publisher=Institute for the Study of Conflict}}</ref>
In 1979, the company acquired a property at University Avenue and King Street in downtown Toronto and constructed a new office complex, the [[Sun Life Centre]], which was completed in 1984.<ref name="Filey1997">{{cite book|author=Mike Filey|title=Toronto Sketches 5: The Way We Were|url=https://books.google.com/books?id=MUBIBKRH5dsC&pg=PA137|date=1 October 1997|publisher=Dundurn|isbn=978-1-4597-1330-7|pages=137–}}</ref>
Bill 101 required more than French communications with French-speaking staff. It made French the official language of the workplace. It also provided that present and prospective employees who could not speak English not be discriminated against because of their inability to speak English.
[[File:Sunlife Place 09.jpg|thumb|Sun Life Place in [[Edmonton]], [[Alberta]]]]
For the largest employer of English-speaking people in Montreal, this would make things very difficult. Many, if not most, of Sun Life's Head Office employees in 1979 were not fluent in French. Sun Life was quite clear that this was the reason for its move when it made the announcement. The PQ government was quick to label Sun Life "bad corporate citizens" and claimed that if ''"they had only warned us, we could have worked something out."''<ref name=CBC1>{{cite episode |title=CBC reports on Sun Life leaving Montreal in 1978 |url=http://www.cbc.ca/archives/categories/politics/language-culture/fighting-words-bill-101/sun-life-packs-up.html |accessdate=2014-08-18 |date=January 6, 1978 |series=The World At Six |credits=Reporters: Karen Birchard, Richard Inwood |work=[[CBC Radio]]}}</ref>
The downsizing of Sun Life's Montreal office did not take place overnight. Transfers and moves occurred on a departmental basis and did not commence until several months after the announcement.BY 1980, 300 head office employees were located in Toronto.<ref>https://ici.radio-canada.ca/nouvelle/1076086/sun-life-demenagement-montreal-toronto-pq-archives</ref>
There were several other key activities in the post-war years including the decision by Sun Life to leave many markets, including China and India, because of economic and political changes. In 1962, Sun Life became a mutual company and repurchased its shares for $65 million in total. In 1973, Sun Life opened its American subsidiary's new headquarters in Wellesley Hills, Massachusetts outside [[Boston]].{{citation needed|date=August 2018}}
===1980s – 1990s===
Sun Life continued to expand its wealth management business with the 1982 acquisition of [[MFS Investment Management|Massachusetts Financial Services]] (MFS), the Boston-based investment management and mutual fund company. It entered the mutual fund business in Canada by forming Spectrum Mutual Fund Services in 1987 (subsequently sold to CI Financial) and a decade later, acquired McLean Budden, a Canadian investment management firm (subsequently folded into MFS).
International expansion continued in the 1990s. In 1995, Sun Life entered the Indonesia market through local company PT Asuransi Modern Sun Life, now called PT Sun Life Financial Indonesia and opened a Representative Office in Beijing in preparation to enter China. A year later, Sun Life opened a services centre in Waterford, Ireland, to provide technology and business processing support for Sun Life business units.
In 1999, Sun Life officially returned to [[India]] and [[China]] when it established two joint ventures – Birla Sun Life in India with local partner [[Aditya Birla Group]], and Sun Life Everbright in China with partner [[China Everbright Group]]. Over the next decade, both operations grew rapidly – by September 2008, there were 132,460 Birla Sun Life advisors working in 600 branches across India while Sun Life Everbright opened its sixth branch in Guangzhou, bringing its presence to 18 cities in [[China]].
[[Image:Sun-Life-Building-June-2007.jpg|thumb|right|The Sun Life building in [[Montreal]], [[Quebec]]]]
=== 2000 to present ===
In early 1998, Sun Life announced its intention to [[demutualize]]. In March 2000, its Initial Public Offering (IPO) started the trading of Sun Life Financial Inc. shares on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges.
In 2002, Sun Life combined its operations with '''Clarica Life Insurance''' Company of [[Waterloo, Ontario]]. Founded in 1870 as ''Mutual Life of Canada'', Clarica was known as The Mutual Group before it went public in 1999. The former head office for Mutual Life Assurance Company at 227 King Street South in Waterloo became the home to Sun Life's Canadian operations, while a regional office and Sun Life’s corporate headquarters remained in Toronto. The company also maintains regional offices in [[Montreal]], [[Ottawa]], [[Edmonton]], [[Vancouver]], [[Halifax Regional Municipality|Halifax]] and [[Calgary]]. After it integrated operations, the company used the Clarica brand name for certain products and activities until 2007.
In 2005, Sun Life opened a service centre in Gurgaon, [[India]] to provide business processing and technology support for Sun Life Financial business units around the world. That same year, Sun Life purchased CMG Asia and CommServe Financial, the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia, tripling its customer base and adding group insurance and pensions to its business lines.
In 2007, Sun Life purchased the U.S. employee benefits business of Genworth Financial, placing itself in the top 10 in the U.S. group benefits market.
In 2008, Sun Life sold its 37% interest in CI Financial Income Fund to [[Scotiabank]]. Sun Life had originally acquired a significant [[ownership interest]] in the firm by selling its Canadian mutual fund subsidiaries to CI Financial in 2002.<ref name=CBC>{{cite news |url=http://www.cbc.ca/money/story/2002/05/22/cifund020522.html |title= CBC News - CI Fund acquires Sun Life mutual fund business |accessdate=2008-12-28 |date=22 May 2002}}</ref>
At September 30, 2008, Sun Life had assets under management of [[Canadian dollar|C$]]389 billion and including joint ventures had more than 28,000 employees and 147,590 advisors in 22 countries serving more than 25 million customers worldwide. Birla Sun Life Insurance is ranked as one of the top six privately owned life insurers in India.<ref name=Dalal>{{cite web |url=http://www.dalalstreet.biz/earningsnews/2008/03/life-insurers-market-share/ |title= Life Insurers Market Share |accessdate=2014-08-18| date=March 14, 2008| publisher=dalalstreet.biz}}</ref> While in Canada, Sun Life is ranked #1 in several lines of business including [[Defined Contribution Pension Plan]]s, [[Registered Retirement Savings Plan|Group RRSP]]s and Deferred Profit Sharing Plans.<ref>2008 [[Capital Accumulation Plan Report]], [[Benefits Canada]], as of June 30, 2008{{dead link|date=August 2014}}</ref>
Sun Life Financial Inc. shares trade on the Toronto, New York, and Philippines stock exchanges. It is one of [[Standard & Poor]]'s [[S&P Global 1200|Global 1200]] companies.
In 2009, Sun Life began an aggressive nationwide ad campaign in the [[United States]] touting its strength and the fact that it did not accept any [[Troubled Asset Relief Program|bailout]] money. The commercials parody the concept of [[naming rights]], where a couple of naïve employees go around the country attempting to put the company's name on various sun-themed things, from [[KC and the Sunshine Band]] to [[Cirque du Soleil]] to the state of [[Florida]]. In a case of [[life imitating art]], on January 18, 2010, Sun Life purchased the naming rights for the home field of the [[Miami Dolphins]] in [[Miami Gardens, Florida]] for a reported [[United States dollar|US$]]7.5 million per year.<ref>{{cite news| url=http://southflorida.bizjournals.com/southflorida/stories/2010/01/18/daily5.html | first=Terry| last=Lefton| title=Dolphins sell stadium naming rights to Sun Life| work=[[American City Business Journals|South Florida Business Journal]]| date=January 18, 2010| accessdate=2014-08-18}}</ref> Under the five-year contract the stadium is named [[Sun Life Stadium]]. The naming rights expired in January 2016.
In 2013, Sun Life acquired 49% [[Aviva|Aviva PLC’s]] Malaysian insurance joint venture with lender [[CIMB Group]]. Sun Life acquired the business along with Malaysian state investor [[Khazanah Nasional]], which also purchased 49%. They each paid approximately CDN$300 million. CIMB retains 2% interest.
The [[Toronto Raptors]] of the [[National Basketball Association]] announced that Sun Life will become their jersey sponsor for the 2017-18 NBA Season.
==Asset management==
Beside having a strong presence in asset management industry through [[MFS Investment Management]] and Sun Life Global Investments (Canada) Inc. that it launched in 2010, Sun Life financial also started a third-party asset-management arm in 2014, under the brand name Sun Life Investment Management, seeking to add fee revenue and distance itself from more capital-intensive operations such as annuities. The insurer in May 2014 hired Carl Bang from the [[Qatar Foundation|Qatar Foundation Endowment]] as president of Sun Life Investment Management Inc. to help lead a push with pension clients.
Sun Life had about $734 billion of assets under management as of Dec. 31 2014 including mutual funds and insurance-unit holdings.
In January 2015, Sun Life Financial Inc. announced its purchase of U.S. asset manager Ryan Labs, adding US$5.1B under management to strengthen its asset management presence in United States. It is part of the Sun Life Investment Management organization.
In July 2015, Sun Life Financial Inc. completed its purchase of U.S. asset manager Prime Advisors, Inc., adding US$13B under management. It is part of the Sun Life Investment Management organization.
The company operates in India as Birla Sun Life Asset Management. Established in 1994, [[Birla Sun Life Asset Management|Birla Sun Life Asset Management Company Ltd.]] (BSLAMC), investment manager for [[Birla Sun Life]] [[mutual fund]], has been a joint venture between the [[Aditya Birla Group]] and Sun Life Financial Inc. since 1999. Birla Sun Life Mutual Fund is the fourth largest Fund house in India based on domestic average assets under management as published by AMFI for the quarter ended March 31, 2014.
Sun Life Financial also has strong asset management presence in [[Philippines]]. It is currently the largest non-bank affiliated asset management company in the country with almost P47 billion in assets under management (AUM) as of December 2014.
==Headquarters==
[[Image:Sun Life Centre.jpg|thumb|right|The Sun Life building in [[Toronto, Ontario]], Canada]]
{{See also|Sun Life Centre}}
The '''Sun Life Financial Tower''' in [[Toronto]], [[Ontario]] is located at One York Street in Toronto's South Core. Sun Life consolidated its offices into two corporate headquarters at One York Street in 2017.
The building was developed by Menkes Developments Ltd, and Healthcare of Ontario Pension Plan (HOOPP), which is also a tenant of the building.
The 800,000 square-foot office tower is [[Leadership in Energy and Environmental Design|LEED]] Platimum certified under the [[Canada Green Building Council]].
This location along the Gardiner Expressway is a prominent position on the Toronto skyline,
Before Sun Life Centre, [[Sun Life Building]] in Montreal was the head office. The Sun Life Building is a historic 122 m (400 ft), 24 storey office building at 1155 Metcalfe Street on Dorchester Square in downtown Montreal.
==Sun Life Stadium==
[[Image:Dolphin Stadium.jpg|thumb|right|The Sun Life Stadium in 2012.]]
The American football stadium previously known as Sun Life Stadium is in Miami Gardens, Florida, a suburb of Miami. It is the home stadium of the Miami Dolphins National Football League team, and the University of Miami Hurricanes football team. It also hosts the Orange Bowl, an annual college football bowl game. It was the home to the Florida Marlins baseball team from 1993 to 2011. Originally named Joe Robbie Stadium, it has also been known as Pro Player Park, Pro Player Stadium, Dolphins Stadium, Dolphin Stadium, and Land Shark Stadium. The stadium's naming rights deal with Sun Life Financial expired in January 2016. Related Companies founder and chairman Stephen Ross, owner of the Miami Dolphins, announced a new name for the Miami Dolphins stadium in August 2016: Hard Rock Stadium. Hard Rock International will brand the newly renovated stadium. The Dolphins invested $500 million into the stadium’s renovations, including a canopy with a Hard Rock logo that covers most of the 65,326 seats.<ref>http://www.miamiherald.com/sports/nfl/miami-dolphins/article96001322.html</ref>
==Corporate governance==
Current members of the [[board of directors]] of Sun Life Financial are:<ref name=BusinessWeek>{{cite news |url=http://investing.businessweek.com/research/stocks/people/board.asp?ric=SLF.TO |title=Sun Life Financial Inc (SLF:US)| work=[[Bloomberg Businessweek]] |accessdate=2014-08-18}}</ref>
{{Col-begin}}{{Col-break}}
*William D. Anderson, FCPA, FCA (Chairman) {{nb10}}
*Richard H. Booth, CPA, CLU, CHFC
*Dean A. Connor (President & CEO)
*Martin J. G. Glynn
*M. Marianne Harris
{{Col-break}}
*Sara G. Lewis, CPA, CFA
*Real Raymond, FICB
*Hugh D. Segal, CM
*Barbara G. Stymiest, FCPA, FCA
*Christopher J. McCormick
*Ashok K. Gupta
{{Col-end}}
==Notes==
{{Reflist}}
==External links==
* [http://www.sunlife.com/ Official website]
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