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Mr Douglas C. Henck (left), President, Sun Life Financial Asia. with Mr Paul. W. Derksen, Executive Vice-President & Chief Financial Officer, Sun Life Financial Inc, at a press conference in Mumbai on Tuesday. - - Shashi Ashiwal

Mumbai , Sept. 28

SUN Life Financial, Canada's largest insurance firm, is weighing its options regarding outsourcing some services to India. While no decision has been taken yet, the company is discussing the issue at the highest level, Mr Paul Derksen, Executive Vice-President and Chief Financial Officer, Sun Life Financial Inc, told newspersons here.

Mr Derksen added that Sun Life's new Chief Technology Officer, Mr Peter Perriera, is an Indian. He said India is the fastest growing market for the company. Currently, Asia contributes about 5 per cent of its earnings, that is likely to rise by 10-15 per cent in the next few years.

Mr Derksen said Sun Life and its partner in India, the AV Birla group, would have to bring in more capital into their joint venture Birla Sun Life Insurance Company in about eight to ten months. Currently, the venture is capitalised with Rs 315 crore, 26 per cent of which is contributed by Sun Life.

"We are very anxious to raise our equity stake to 49 per cent. We are looking forward to the change in regulation," Mr Douglas C. Henck, President, Sun Life Financial Asia. Sun Life has invested a total of $100 million so far in its Indian businesses, mainly asset management and insurance. The assets under management in these businesses are about $2 billion. He said the company is open to acquisitions to grow its asset management and insurance businesses in India.

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