Sun Life Financial Inc., Canada's second-biggest life insurer, said it plans to set up a third branch in China during the third quarter, in the southeastern province of Zhejiang.
Toronto-based Sun Life, which started operating in China in 2002 in partnership with China Everbright Group Ltd., plans to hire about 500 agents for the branch in Hangzhou, the capital of Zhejiang, Douglas Henck, the president of Sun Life's Asia unit, said on Thursday. The company may quadruple its China agent force, from the current 4,000, by 2008, he said.
Sun Life; Manulife Financial Corp., Canada's biggest life insurer; the United Kingdom's Prudential PLC; and other foreign insurers are growing in China after it removed geographical restrictions on their expansion in December.
Sun Life Everbright Life Insurance Co. plans to enter two more provinces and expand within Zhejiang province next year, Mr. Henck said.
