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Canadian insurer Sun Life names new president for Asia business

The Sun Life Financial logo is seen at their corporate headquarters in Toronto

(Reuters) - Canada's Sun Life Financial on Monday named its Chief Financial Officer Manjit Singh as the president of its Asia business.

Singh, who joined the company as CFO in 2021, will take over the role in March next year. He previously worked at TD Bank in Toronto. The insurer said the search for a new CFO is on.

In his new role, Singh will be responsible for growth in eight Asian markets, a key turf for Canadian insurers, spanning China, Hong Kong and the Philippines.

He will replace Ingrid Johnson, who took charge as the vice chair of strategic partnerships, a new role Sun Life created to focus on global opportunities as a part of its expansion efforts.

The insurer has many global partnerships, including with Hong Kong-based virtual insurer Bowtie, a deal with Scotiabank to distribute alternative investment options in Canada and a 15-year bancassurance partnership in Hong Kong with Dah Sing Bank.

Last month, Sun Life reported better-than-expected quarterly profits, helped by growth at its wealth and asset management unit and higher fees.

(Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Mrigank Dhaniwala and Arun Koyyur)

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