TORONTO - Sun Life Financial Services of Canada Inc. and its joint venture partner, China Everbright Group Ltd., officially opened their insurance operation at a ceremony in Tianjin, China, on Tuesday.
Sun Life Everbright Life Insurance Co. Ltd. is the first foreign life insurance joint venture to operate in the municipality of Tianjin, an area with about 10 million people.
Sun Life Financial and China Everbright were granted regulatory approval this April by the China Insurance Regulatory Commission to begin selling life insurance in Tianjin.
The Canadian company's presence in China dates from 1891 in Hong Kong, where it continues to operate an Asian regional headquarters. In the early 1900s, Sun Life also operated in a number of cities in mainland China, including Tianjin.
The company renewed its presence in mainland China by opening a Beijing office in 1995.
