Not Just Insurance Anymore: How Sun Life Surpassed Brookfield in Asset Management

In the Money with Amber Kanwar

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Sun Life may be known for insurance—but under CEO Kevin Strain, it's become a $1.5 trillion force in global asset management. In this episode of In the Money with Amber Kanwar, we sit down with Strain to uncover how this 160-year-old Canadian company has transformed into the country’s largest asset manager, now rivaling industry titans like Brookfield.

Strain explains why Sun Life is going all-in on alternative assets like real estate, infrastructure, and private credit, and what that means for institutional and retail investors alike. He addresses the outflows at the company’s asset management arm and pushes back on the “problem child” label, revealing how that division continues to quietly generate close to a billion dollars a year in income. He also breaks down why Asia has become Sun Life’s biggest growth engine, and how its long-standing presence there gives it an edge.

The conversation covers Kevin’s outlook on the Canadian economy and why he believes short-term pain could lead to long-term strength. He also addresses concerns about the company’s U.S. health insurance business and shares how Sun Life is experimenting with AI across the firm.

Don’t miss this wide-ranging, honest conversation with one of Canada’s most influential CEOs.

Timestamps

00:00 Show Intro
02:10 Strain’s path to become the CEO of Sun Life
04:10 Sun Life’s history and reach
06:50 A lot of people don’t know Sun Life is an asset manager that’s bigger than Brookfield
10:35 Break
11:10 Understanding Sun Life’s asset management business
16:30 Sun Life’s massive Asia business
19:50 Break
20:20 What about tariffs?
25:15 Are the conditions right for Canadian companies to invest?
27:20 Strain on investing in alternatives like real estate
29:25 Sun Life’s real estate exposure
36:30 The U.S. health insurance business
42:00 What is Kevin worried about?
46:30 How is Sun Life using artificial intelligence?
50:00 What about acquisitions?
53:15 What was Kevin’s biggest mistake?
55:30 What does Kevin want to leave behind as his legacy?

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DISCLAIMERS

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

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