Sun Life eyes greater stake in India protection wander: CEO

Canadian safety net provider Sun Life Financial Inc is occupied with bringing its stake up in its Birla Sun Life Insurance joint endeavor in India as it measures a few obtaining open doors in Asia and North America, its top official said on Thursday.

Birla Sun Life is a joint endeavor with Indian combination Aditya Birla Group and is one of India's greatest insurance agencies.

Sun Life has been on a rapacious streak and has declared no less than three arrangements so far this year, including one to buy land venture administrator Bentall Kennedy Group for C$560 million ($426.67 million).

"We keep on turning the dirt over and take a gander at various open doors. We're keen on more M&A movement in the event that it bodes well," Chief Executive Dean Connor said in a meeting.

"We have a lot of capital and monetary record adaptability."

While the current year's arrangements have been in North America, a few examiners estimate Asia may be Sun Life's next target.

Asia contributed around 13 percent to Sun Life's working profit in the second quarter, with net salary from the area dramatically multiplying.

India's turn prior this year to build the extent of outside venture permitted in insurance agencies could make an opening for Sun Life to grow its vicinity. The back up plan has enthusiasm for lifting its stake in Birla Sun Life to 49 percent, from 26 percent right now, Connor said.

"That would be of interest to us if we could find a purchase price that makes sense for both parties. It really comes down to price," he said. "We like India, we think India has strong long-term prospects."

Sun Life also owns 49 percent of Birla Sun Life Asset Management, the fourth largest mutual fund company in India, he said.

Connor said the Indian insurance business is starting to turn the corner after being under pressure in recent years due to regulatory changes.

He added that earnings from Asia this year are on track to beat the company's target.

"The Asia piece is growing quickly. There will come a point, I think, where our Asian business could be larger than our Canadian business."

The company is seeing strong momentum in the Philippines, Malaysia, Indonesia and Hong Kong, Connor said.

Sun Life shares were up 4.9 percent on Thursday after the company reported a quarterly profit late on Wednesday that topped market estimates.