Sun Life CEO expects 20% earnings growth per year in Asia

Sun Life Financial CEO Dean Connor expects to grow earnings at 15 to 20 percent a year in Asia, doubling the size of the business over the next five years, according to the latest AM Best Asia Pacific Edition.

Sun Life already tripled earnings over the past five years in Asia from around $110 million to $330 million of income after tax.

“There is very strong underlying demand, as more and more people move up into the middle class, and insurance penetration as a percentage of GDP grows,” Connor said.

Connor sees demand for traditional protection increasing, but also health products, personal accidents, cancer insurance, critical illness insurance, hospital cash as big sources of growth for Sun Life in Asia. In some countries like Indonesia and Malaysia, takaful and shariah businesses have significant growth potential, he added.

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