Sun Life Malaysia made its grand entrance into the Malaysian insurance community Thursday with its celebratory launch at a reception held in 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. (TSX:SLF) and Khazanah Nasional Berhad from Aviva International Holdings Limited and CIMB Group Holdings Berhad.
The launch comes just four months after completion of the RM1.8 billion ($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. (See Investment Executive, Sun Life, Malaysian investment fund complete acquisition, April 12, 2013.)
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.
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.
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.