Sun Life Financial Inc. and China Everbright Group have agreed to include new “strategic investors” in the Sun Life Everbright Life Insurance Company Ltd. ownership group.
Sun Life, Toronto, and China Everbright, Beijing, says the new strategic investors will double the registered capital of Sun Life Everbright, Tianjin, China, to the equivalent of about $460 million in U.S. currency and reduce Sun Life’s stake in the venture to about 20%, from 50% today.
Sun Life would “continue to provide its international risk management and actuarial expertise and standards to Sun Life Everbright,” the companies say.
The deal would increase the importance of China Everbright’s banking and securities operations in distributing Sun Life Everbright products, according to Sun Life and China Everbright.
Sun Life and China Everbright hope to get approval from Chinese insurance regulators for the ownership team restructuring by Dec. 31.
Sun Life and China Everbright, a conglomerate owned by the government of China, started Sun Life Everbright in 2002.
The company now has offices in 18 cities, and it distributes products through a network of 3,500 advisors.