(April 25 – 16:50 ET) – Sun Life Financial Services of Canada Inc. remains focused on aggressively expanding its protection and wealth management businesses in North America in the near term, and in Asia in the long-term, chairman and CEO Donald Stewart told shareholders at the company’s annual meeting today in Toronto.
“The world of financial services is changing rapidly. It also offers unprecedented growth opportunities for companies such as Sun Life Financial who have an established international growth platform, strong financial capacity and a commitment to growth,” said Stewart. “Our strategy is to focus on high growth segments of the protection and wealth management market. In the U.S. protection market we are very interested in acquisition opportunities with strategic fit to existing operations, particularly those with a strong wealth management component.”
Stewart identified key strategies for growth that will build on the company’s growth:
- Achieve strong levels of organic growth focusing on high-growth segments of the protection and wealth management market;
- Continue to aim for a top 10 market position in North America through a disciplined approach to strategic acquisition and merger
opportunities; - Pursue a U.S. protection market acquisition that is a strategic fit, particularly one with a strong wealth management component;
- Continue to build in early stage markets in Asia.
Also at the annual meeting today, shareholders approved an executive stock option plan designed to link long-term incentives for executives with financial performance of the organization. Sun Life says the plan will reward leaders for continuously improving the organization’s profitability and enhancing shareholder value, and ensure Sun Life Financial can continue to attract and retain top leadership talent.
Shareholders also approved a directors’ stock option plan providing for the annual grant of 2,000 options to directors who are not employees.