India Rising:  Implications for Canadian Business and Public Policy
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India Rising: Implications for Canadian Business and Public Policy Sun Life’s India Story Gary M. Comerford Senior Vice President, International Distribution Public Policy Forum December 10, 2008. Quote.

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India Rising: Implications for Canadian Business and Public PolicySun Life’s India StoryGary M. ComerfordSenior Vice President, International DistributionPublic Policy ForumDecember 10, 2008


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“India is an elephant that has begun to lumber and move ahead. It will never have speed, but it will always have stamina”

…Gurcharan Das, “India Unbound”


Slf operations in key international markets

China

Canada

Hong Kong

Bermuda

Japan

Ireland

Indonesia

India

Singapore

Philippines

United States

United Kingdom

SLF Operations in Key International Markets


India a significant opportunity

India: A Significant Opportunity

  • Fourth largest economy in the world (PPP)

  • GDP growth of 4% - 9%

  • Population of over one billion

  • Growing well-educated, confident middle class

  • English widely used

  • Common Law legal system


Gdp annual percent change

GDP Annual Percent Change


Bse 3 year daily closing

BSE (3 year daily closing)


India emerging economic growth engine

India Emerging: Economic Growth Engine

Economic Growth by Sector

10.0

10.7

8.9

7.4

7.1

2.6

Source: EIU Limited 2008


India emerging revving up for the future

India Emerging: Revving up for the Future

Burgeoning Consumer Markets

Households (millions)

Income (USD)

1995

2000

2005

2010

Affluent (More than $10,000)

3

0.6

0.8

8

Consuming ($3,000 to $10,000)

12

17

47

116

Struggling ($1,000 to $3,000)

105

126

97

147

Impoverished (less than $1,000)

negligible

10

51

44

Source: EIU Citigroup Research, India


India s demographic advantage

India’s Demographic Advantage

Burgeoning Consumer Markets … driven, in part, by demographics


India emerging

India Emerging…

Before you can ride the elephant,you first must get on !


Sun life financial our history

Sun Life Financial: Our History

  • May 23, 1892 – Sun Life Financial appoints first agent

  • 1956 - Sun Life Financial largest foreign insurer, exits India

  • 1999 Sun Life Financial re-enters India through Joint Venture

  • 2001 Sun Life Financial re-enters Indian insurance market


Sun life financial our strategy

Sun Life Financial: Our Strategy

  • Financial Services

  • Top Three Positioning

  • Consumer Driven Distribution

  • Product Leadership

  • Strategic Alliance with AV Birla Group


Birla sun life asset management company

Birla Sun Life Asset Management Company

Total Assets Under Management

9.5 billion

Cdn $

400 million

May 1999

Dec 2007


Sales annualized premiums

9532

7026

6074

4626

1310

315

FY 02

FY 03

FY 04

FY 05

FY 06

FY 07

YTD

Dec'07

Sales Annualized Premiums

Birla Sun Life

12223

(Rs mn)

CAGR in FY 08 – 104%


Ten lessons learned the hard way

Ten Lessons Learned … The Hard Way

  • Pursue superior opportunities only.

  • Learn to “play” with your partner early.

  • Ownership decision – Mission critical.

  • Constant oversight by senior management of joint venture.

  • Get the right CEO / Managing Director.


Ten lessons learned the hard way1

Ten Lessons Learned … The Hard Way

  • Sales and market accountability held locally.

  • Agree on the capital burn rate at the outset.

  • Day One: Establish standards.

  • The deal you negotiate is not the deal you live with.

  • Focus. Focus. Focus.


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Thank you.


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