Sun Life Financial in Canada has appointed Manjit Singh, its current Chief Financial Officer, as the upcoming president of its Asia business. Singh, who assumed the CFO position in 2021, is set to transition into this new role by March of the following year. Before joining Sun Life, Singh held a position at TD Bank in Toronto. The company has confirmed that they are actively searching for a replacement CFO.
In his new position, Singh will assume responsibility for driving growth across eight significant Asian markets, an area of strategic importance for Canadian insurance companies. These markets include China, Hong Kong, and the Philippines. He will be succeeding Ingrid Johnson, who has transitioned into the role of vice chair of strategic partnerships, a newly established position at Sun Life aimed at concentrating on global opportunities as part of the company's expansion strategy.
Sun Life has forged several global alliances, such as a partnership with Bowtie, a virtual insurer based in Hong Kong, and an agreement with Scotiabank to offer alternative investment options in Canada. Additionally, the company has a long-term 15-year bancassurance partnership with Dah Sing Bank in Hong Kong. In their recent quarterly report, Sun Life revealed better-than-anticipated profits, attributing the growth to their wealth and asset management unit, as well as increased fees.