Sun Life Financial Services of Canada Inc. today announced that it has been granted regulatory approval by the China Insurance Regulatory Commission to begin selling life insurance in Tianjin with its joint venture partner China Everbright Group Ltd.

Sun Life Everbright Life Insurance Co. Ltd. will be the first foreign life insurance joint venture to operate in the city of Tianjin and its neighbouring counties, an area with a population of approximately 10 million people.

The Hon. John McCallum, Secretary of State (International Financial Institutions) was present with officials from Sun Life Financial to receive the approval letter from CIRC Chairman Ma. The Secretary of State recently met with Chairman Ma and made representations regarding Sun Life Financial’s license application.

“We are very pleased to receive this approval from the CIRC,” said Donald Stewart, chairman and CEO of Sun Life Financial.

“We are in a strong position to hit the ground running with a sales force of nearly 2,000 highly-qualified agents,” said James Prieur, [resident and COO of Sun Life Financial. “Under the leadership of Douglas Henck, we expect our Chinese operations to make a strong contribution to our efforts in expanding our presence in Asia.”

Established in 1983, China Everbright Group Ltd. is one of the largest and most successful business groups of the People’s Republic of China. China Everbright Group Ltd. has focused its strategy and core business in banking and financial services and is well positioned in the mainland Chinese, Hong Kong and Southeast Asian markets.