Sun Life Assurance Company Of Canada Phone Number

Sun Life Assurance Company Of Canada Phone Number – Sun Life Financial Inc. is a Canadian financial services company. It is mainly known as a life insurance company.

Matthew Hamilton Gault (1822 – 1887), an Irish immigrant who settled in Montreal in 1842, founded it in 1865 in Montreal, Quebec, as The Sun Insurance Company of Montreal. However, the actual business began in 1871. By the end of the 19th century, it had expanded to Central and South America, the United States, Great Britain, the West Indies, Japan, China, the Philippines, India, and North Africa. and other international markets. During the next five decades, the company grew and prospered, surviving the hardships of World War I and its financial losses through claims arising from the large number of deaths caused by the great influenza epidemic of 1918.

Sun Life Assurance Company Of Canada Phone Number

Sun Life Assurance Company Of Canada Phone Number

The company’s original building on Montreal’s Dominion Square was built in 1918. Bucking Montreal’s building boom that began in the 1920s, the company completed an expansion of its headquarters in 1933 with its 26-story north tower. Although the head office of Royal Bank of Canada is in St. James was several stories high, the Sun Life building was at the time the largest building in terms of square footage anywhere in the British Empire.

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Chartered in 1865, its traditional core business around the world remains life insurance. However, it now also has a significant asset management operation. In 1919, it was the first Canadian company to offer group life insurance. Beginning its first operations in the US in 1895, the company sold its first group life plan in the US in 1924.

In World War II, as part of Operation Fish, securities from Great Britain were secretly moved to the Sun Life building for safekeeping. A persistent but incorrect rumor is that the Crown Jewels of Great Britain were illegally shipped from Great Britain during World War II and placed there intentionally spread in Montreal to explain the increased activity in the building.

During the post-war period, the company’s successful business strategy made it one of the largest employers in Montreal, one of the leading corporations in Canada, as well as a global player in the life insurance field. In the first half of the 20th century, the city of Montreal was the economic center of Canada, but it lost ground to Toronto. In the early 1950s, Toronto’s economic activity surpassed Montreal’s in terms of stock trading and capitalization. The emergence of political and terrorist movements in the 1960s demanding the independence of Quebec from Canada cast a pall of uncertainty in the business community.

In 1977, the newly elected sovereign government of Quebec passed the French Language Charter (known as Bill 101), which made the use of French mandatory for medium and large companies that communicate with French-speaking staff. This law was met negatively by the Glini-speaking business community, many of whom felt that the historical rights of the Glini-speaking minority should be respected. The new government also promised a referendum on Quebec sovereignty, causing instability in Montreal’s business community.

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On January 6, 1978, Sun Life became the first major company to leave Quebec after the election, announcing that it would move its headquarters to a site in Toronto, Ontario.

Officially, Sun Life said it was driven by political instability and economic uncertainty about Quebec’s future, but skeptics said it was unwilling to comply with Act 101 requirements.

In a reaction the next day, the province’s finance minister, Jacques Parizeau, called Sun Life “one of Quebec’s worst capital exporters,”

Sun Life Assurance Company Of Canada Phone Number

In 1979, the company purchased property at University Avue and King Street in downtown Toronto and built a new office complex, Sun Life Ctre, which was completed in 1984.

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Bill 101 required more than French communication and French speaking staff. This makes French the official language in the workplace. It also stipulates that former and future employees who do not speak Glish must not be discriminated against because of their inability to speak Glish.

For the largest employer of Glish speakers in Montreal, this will make things very difficult. Many, if not most, employees at Sun Life’s headquarters in 1979 did not speak French. Sun Life was quite clear that this was the reason for the move when it announced it. The PQ government was quick to label Sun Life as a “bad corporate citizen” and said that “if they warn us, we can work on something.”

The downsizing of Sun Life’s Montreal office did not happen overnight. Transfers and transfers happen at the department level and don’t begin until several months after the announcement. In 1980, 300 head office employees were located in Toronto.

In the post-war years, there were several other key activities. This includes Sun Life’s decision to exit many markets, including China and India, due to economic and political changes. In 1962, Sun Life became a joint venture and bought back its shares for $65 million. In 1973, Sun Life opened a new headquarters for its American branch in Wellesley Hills, Massachusetts, located outside of Boston.

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Sun Life continued to expand its asset management business with the 1982 acquisition of Massachusetts Financial Services (MFS), a Boston-based mutual fund and investment management firm. He launched the mutual fund business in Canada by founding Spectrum Mutual Fund Services in 1987 (later sold to CI Financial), and a decade later acquired McLean Budd, a Canadian investment management firm (later folded into MFS). International expansion continued in the 1990s. In 1995, Sun Life entered the Indonesian market through a local company, PT Asuransi Modern Sun Life, now called PT Sun Life Indonesia, and ran a representative office in Beijing in preparation to go to China. A year later, Sun Life opened a service center in Waterford, Ireland, to provide technology and business process support for Sun Life’s business units.

In 1999, Sun Life officially returned to India and China when it formed 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. In the following 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 ran its sixth branch in Guangzhou, bringing its presence to 18 cities in China.

In early 1998, Sun Life announced its intention to demutualize. In March 2000, shares of Sun Life Financial Inc. first traded through an initial public offering (IPO). on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges.

Sun Life Assurance Company Of Canada Phone Number

In 2002, Sun Life merged its operations with Clarica Life Insurance of Waterloo, Ontario. Founded in 1870 as Mutual Life of Canada, Clarica was known as The Mutual Group before going public in 1999. The former Mutual Life Assurance Company headquarters at 227 King Street South in Waterloo is home to Sun Life’s Canadian operations, while Sun Life’s regional offices. and headquarters remain in Toronto. The company also has regional offices in Montreal, Ottawa, Edmonton, Vancouver, Halifax and Calgary. After the merger, the company used the Clarica brand for certain products and activities until 2007.

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In 2005, Sun Life opened a service center in Gurgaon, India to provide business processing and technology support for Sun Life Financial business units worldwide. In the same year, Sun Life acquired CMG Asia and CommServe Financial, the Hong Kong insurance and Australian Commonwealth Bank pension operations, doubling its client base and adding group insurance and psion to its business lines.

In 2007, Sun Life acquired the US employee benefits business of Gworth Financial, ranking among the top 10 in the US benefits market group.

In 2008, Sun Life sold its 37% stake in Scotiabank’s CI Financial Income Fund. Sun Life first acquired a significant equity stake in the company through the sale of its Canadian mutual fund subsidiary to CI Financial in 2002.

In 2009, Sun Life began an aggressive national advertising campaign in the United States touting its strength and the fact that it did not receive any bailout money.

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In 2013, Sun Life acquired 49% of Malaysian insurance joint venture Aviva PLC with parent CIMB Group. Sun Life took the deal with Malaysian state investor Khazanah Nasional, which also bought 49%. Each paid approximately CDN$300 million. CIMB holds a 2% stake.

In 2015, Sun Life acquired the Employee Benefits business of Assurant Inc. The transaction closed in March 2016, creating the sixth largest business group in the US.

In 2017, the Toronto Raptors of the National Basketball Association announced that Sun Life would be their jersey sponsor starting with the 2017/18 NBA season. This contract runs until the 2019/2020 season.

Sun Life Assurance Company Of Canada Phone Number

In June 2019, Sun Life transformed its Sun Life Investmt Managemt unit into SLC Managemt and merged its fixed income business, Ryan Labs Asset Managemt Inc. and Prime Advisors, Inc. with Sun Life Capital Managemt (USA)

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In December 2020, Dean Connor announced his intention to step down as President and CEO in August 2021. He was replaced by Kevin Strain, former CFO.

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