Sun Life Malaysia makes life brighter under the sun for Malaysian consumers

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Aug 22, 2013, 02:01 ET

Company provides financial products and services to help consumers achieve financial security

KUALA LUMPUR, Malaysia, Aug. 22, 2013 /PRNewswire/ - Sun Life Malaysia made its grand entrance into the Malaysian insurance community today with its celebratory launch at a reception held at The Westin Kuala Lumpur.

Sun Life Malaysia consists of Sun Life Malaysia Assurance Berhad and Sun Life Malaysia Takaful Berhad, the renamed CIMB Aviva Assurance Berhad and CIMB Aviva Takaful Berhad entities purchased by Sun Life Financial Inc. (Sun Life) and Khazanah Nasional Berhad (Khazanah) from Aviva International Holdings Limited and CIMB Group Holdings Berhad (CIMB Group).

The launch comes just four months after completion of the RM1.8 billion (C$602 million) acquisition in April this year. Sun Life and Khazanah each own 49 per cent and CIMB Group retains a two per cent share.

With the launch of Sun Life Malaysia, Sun Life Financial now has operations in seven Asian markets and builds on a history in the region that reaches back 120 years. It is also a significant launch for Khazanah and is its first entry into the insurance sector.

"We are very excited to enter Malaysia, particularly with Khazanah and CIMB as our partners," said Kevin Strain, President, Sun Life Financial Asia. "The Sun Life Malaysia management team and employees are united in building a great organization that is focused on becoming a provider of choice amongst Malaysians, helping to protect their financial futures."

Under the new partnership, Sun Life Malaysia has the exclusive right to distribute takaful and life insurance products through CIMB Bank's network of 312 branches and eight million customers across the country.

"With this collaboration, we aim to introduce a wider range of insurance solutions aimed at addressing the different needs of Malaysians and to deliver value and excellent service to our customers. Sun Life Malaysia is committed to provide best-in-class protection for Malaysian consumers and businesses of all sizes," explained Ooi Say Teng, Chief Executive Officer of Sun Life Malaysia.

"Since April, we have been enhancing our products to respond to customers' changing needs at all life stages. We are rolling out new products that customers can buy with confidence and introducing new distribution channels that make it easier for customers to access our products at their convenience. Sun Life Malaysia's products are now readily available at all CIMB branches across the country," Ooi added.

The Government of Canada also extended its best wishes to Sun Life Malaysia. "Sun Life Financial's new partnership in Malaysia, and its reach across the country, is a clear demonstration of the company's commitment to Asia and the dynamic Southeast Asian region," said the Honourable Ed Fast, Canada's Minister of International Trade. "The Government of Canada recognizes that Malaysia is an important partner in the Asia Pacific region. We are enhancing our already strong bilateral relationship by pursuing, together, trade negotiations in the Trans-Pacific Partnership. As our bilateral relationship grows, we are hopeful that new opportunities will arise for Sun Life Financial and other world-class Canadian companies."

The launch was attended by more than 200 guests including senior leaders from Sun Life, Khazanah, CIMB and Bank Negara Malaysia, and representatives from business partners and the insurance industry.

About Sun Life Financial

Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2013, the Sun Life Financial group of companies had total assets under management of $591 billion. For more information please visit www.sunlife.com.