SUN LIFE FINANCIAL INC

Pre-World War II

Founded in Montreal, Canada, as The Sun Insurance Company of Montreal in 1865 by Matthew Hamilton Gault (1822–1887), an Irish immigrant who settled in Montreal in 1842. However, operations actually began in 1871. By the end of the 19th century, it had expanded to Central and South America, the United States, the United Kingdom, West Indies, Japan, China, Philippines, India, North Africa and other international markets. During the next five decades, the company grew and prospered, surviving the difficulties of World War I and the large drain on its finances through policy claims arising from the large number of deaths caused by the Great Flu Epidemic of 1918.

The company's original Dominion Square building in Montreal was built in 1918. Capping a Montreal construction boom that began in the 1920s, the company completed construction of the expansion of its headquarters with its new 26-story headquarters north tower in 1933. Although the head office of the Royal Bank of Canada on St. James Street was taller by several floors, the Sun Life Building was at the time the largest building in terms of square footage anywhere in the British Empire.

Chartered in 1865, its traditional base business worldwide remains life insurance. However, it now also has significant asset management operations. In 1919, it was the first Canadian company to offer group life insurance. Having begun its first US operations in 1895, the company sold its first group life plan in the U.S. in 1924. [ citation needed ]

World War II

In World War II, as part of Operation Fish, securities from the United Kingdom were secretly moved to the Sun Life Building for safekeeping. A persistent, but incorrect, rumour is that the Crown Jewels of the United Kingdom had been illegally shipped out of the United Kingdom during WWII and stored there was deliberately spread in Montreal to account for increased activity at the building.

1977–1980

In 1977, the newly-elected sovereigntist Quebec government passed the Charter of the French Language (known as Bill 101), making the use of French language mandatory for medium- and large-scale companies when communicating with French-speaking staff. The law was received negatively by the English-speaking business community, many of whom perceived that the historical rights of the English-speaking minority should be respected. The new government also promised a referendum on Quebec sovereignty, injecting instability into the Montreal business community. On January 6, 1978, Sun Life became the first large company to leave Quebec post-election, announcing that it would move its head office to rented space in Toronto, Ontario. Officially, Sun Life said it was motivated by the political instability and economic uncertainty of Quebec's future, but skeptics said it was the company's unwillingness to comply with the requirements of Bill 101. In a reaction the next day, the province's finance minister Jacques Parizeau called Sun Life "one of the worst exporters of Quebec capital", and threatened to freeze some $400 million CAD in assets.

In 1979, the company acquired a property at University Avenue and King Street in downtown Toronto and constructed a new office complex, the Sun Life Centre, which was completed in 1984.

For the largest employer of English-speaking people in Montreal, this would make things very difficult. Many, if not most, of Sun Life's Head Office employees in 1979 were not fluent in French. Sun Life was quite clear that this was the reason for its move when it made the announcement. The PQ government was quick to label Sun Life "bad corporate citizens" and claimed that if "they had only warned us, we could have worked something out."

The downsizing of Sun Life's Montreal office did not take place overnight. Transfers and moves occurred on a departmental basis and did not commence until several months after the announcement. By 1980, 300 head office employees were located in Toronto.

2000s

In 2008, Sun Life sold its 37% interest in CI Financial Income Fund to Scotiabank. Sun Life had originally acquired a significant ownership interest in the firm by selling its Canadian mutual fund subsidiaries to CI Financial in 2002.

2010s

In addition, in July 2019, SLC's real estate division was merged under the name BentallGreenOak Real Estate.

In December 2020, Dean Connor announced his intent to retire as President and CEO in August 2021. He was then replaced by Kevin Strain, who was the former Chief Financial Officer at Sun Life.