(Reuters) – Canada’s second-biggest life insurer Sun Life Financial Inc appointed finance head Kevin Strain as its chief executive on Wednesday, replacing Dean Connor who will retire in August after a decade at the helm.
Strain joined Sun Life in 2002 when it acquired smaller peer Clarica. He has been its chief financial officer since June 2017.
Prior to his current role, he was president of the insurer’s operations in Asia, experience that will come in handy as the company continues to explore options to expand its presence in the region.
The insurer is also seeking to add group benefits and stop-loss businesses in the United States.
As CEO, Strain will continue on the path Sun Life is already on, expanding its digital capabilities and increasing its focus on sustainability, he told Reuters.
“I’ve worked really closely with Dean and the executive team on strategy,” Strain said in an interview. “I’m going to continue to build on this strategy.”
Strain will remain chief financial officer until a replacement is appointed in the first half of 2021, Sun Life said in a statement.
“Sun Life usually has succession plans so this has been in the works for awhile,” Laura Lau, chief investment officer at Brompton Funds and former investment analyst at Sun Life, said by email. “Can’t remember when an insider was not appointed.”
Connor, who was previously head of Sun Life’s Canadian operations and chief operating officer, will also retire from Sun Life’s board of directors, which Strain will join, the company said.
“I will be turning 65 a couple of months after retiring,” Connor told Reuters. “It was my intent to retire around this age and think about the next chapter.”
Sun Life shares were flat at noon on Wednesday in Toronto, versus a 0.3% increase in the Toronto stock benchmark.
(Reporting by Sohini Podder and Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni and Chris Reese)
