Cash is burning a hole in this major Canadian player’s pocket, but its acquisitive activities don’t stop at our national borders
Canadian insurer Sun Life Financial is looking to continue its shopping spree not only on home turf but also in the US and even Asia, following the numerous high-profile deals it has already completed this year.
The company is looking at further opportunities, especially in the asset management space, in the US and Canada, as well as Asia, and is considering increasing its stake in its Birla Sun Life Insurance joint venture in India, says CEO Dean Connor.
Sun Life already has several acquisitions under its belt this year. In September the company acquired the employee benefits business of US insurer Assurant in a deal worth US$975 million. Then in June it paid US$560 million for Bentall Kennedy Group, a real estate investment advisor and provider of related services operating in the US and Canada. Prior to that there was US investment management firm Prime Advisors.
“We don't need to do acquisitions, but we're certainly looking at opportunities,” Connor told Reuters, adding that the company had the flexibility and backing to keep momentum up.
On Wednesday Sun Life reported net income of $482 million or $0.79 per share for the third quarter, compared to $435 million or $0.71 per share in the same period last year.
The company is looking at further opportunities, especially in the asset management space, in the US and Canada, as well as Asia, and is considering increasing its stake in its Birla Sun Life Insurance joint venture in India, says CEO Dean Connor.
Sun Life already has several acquisitions under its belt this year. In September the company acquired the employee benefits business of US insurer Assurant in a deal worth US$975 million. Then in June it paid US$560 million for Bentall Kennedy Group, a real estate investment advisor and provider of related services operating in the US and Canada. Prior to that there was US investment management firm Prime Advisors.
“We don't need to do acquisitions, but we're certainly looking at opportunities,” Connor told Reuters, adding that the company had the flexibility and backing to keep momentum up.
On Wednesday Sun Life reported net income of $482 million or $0.79 per share for the third quarter, compared to $435 million or $0.71 per share in the same period last year.
