Sun Life Financial Inc has named Bennet Li (pictured) as senior vice president and chief financial officer for Asia, a move that comes as the company faces financial challenges in the region.
The appointment is effective immediately, with Li reporting to Tim Deacon, executive vice president and global CFO, and Manjit Singh, president of Sun Life Asia.
Li will be responsible for financial strategy, capital allocation, and operational finance across Sun Life’s Asian markets. His role will focus on aligning financial operations with the company’s broader business objectives in the region, which remains a key growth area despite recent market pressures.
Having served as interim CFO since September 2024, Li has been with Sun Life for over two decades, holding leadership positions across finance, actuarial services, and group benefits in both Asia and Canada. Prior to his interim CFO role, he was vice president, head of strategic finance, and country manager for Mainland China.
Deacon said Bennet’s experience in Asia and his financial leadership will be instrumental in supporting the business in the region.
“I’m delighted to announce Bennet’s appointment as CFO, Sun Life Asia. Bennet’s deep understanding of our Asia business, proven track record of building strong partnerships and developing talent, as well as his ability to execute on key strategic initiatives, makes him the ideal leader to help deliver on our Asia growth strategy,” he said.
Li will be based at Sun Life’s regional headquarters in Hong Kong and will join the Asia executive team. He holds a Bachelor of Science and Master of Arts from the University of Toronto and is a Fellow of the Institute of Actuaries and the Society of Actuaries.
Sun Life Financial reported a decline in net income for the fourth quarter of 2024, citing market volatility and impairments in its Vietnam operations.
The company posted a reported net income of C$237 million for the quarter, down C$512 million or 68% from the same period in 2023. For the full year, reported net income was C$3.05 billion, a decrease of C$37 million or 1% from the previous year.
The company’s return on equity (ROE) for the quarter stood at 4.0%, while the full-year ROE was 13.6%. Underlying net income for Q4 was C$965 million, representing a decline of C$18 million or 2% compared to the previous year.
“Our reported net income was affected by market conditions and an impairment in our Vietnam business. Our US business faced some industry-related challenges resulting in unfavourable morbidity experience in medical stop-loss,” said Sun Life CEO Kevin Strain.
