(April 13 – 13:00 ET) – “Having re-defined our business and completed the transition to a public company, Sun Life is focused on adding value for our policyholders and customers, and in doing so, creating value for our shareholders,” said Sun Life Assurance Co. chairman and chief executive officer Donald A. Stewart, speaking today at the company’s 129th annual meeting. “We have set ambitious performance targets to which the entire organization is committed.”
“In the past year, there has been a deliberate narrowing of the scope of our activities and an enhanced focus on areas of proven strength, where we either are a leader or are in the position to be a leader,” he said. “As a result, we generated strong growth in revenues across all our businesses in 1999.”
The meeting was the first held since Sun Life demutualizated on March 22, 2000. Shares of Sun Life’s new holding company, Sun Life Financial Services of Canada Inc. began trading on the Toronto, New York and London stock exchanges on March 23, 2000, and on the Philippine Stock Exchange March 24, 2000.
Assets under management continued to grow in 1999 increasing from C$251 billion to C$301 billion. This was primarily driven by growth in the Company’s mutual fund businesses – a five-year annual growth rate of 34%.
-IE Staff