This conflict of interest created particular distress for the company. Sun Life faced its first crisis in 1882–83, when investments it had made into companies controlled by Mathew Gault (particularly the Exchange Bank of Canada, and the Montreal Loan and Mortgage Company) incurred considerable losses. Due to this international growth, as well as growth across Canada, the name of the company was changed, in May 1882, to The Sun Life Assurance Company of Canada. Sun Insurance Company’s first international growth occurred in 1879–80 when it expanded into much of the West Indies. This distinguished Sun Insurance from its competitors, and sales by agents began to increase more quickly. In 1880, the company introduced the first unconditional insurance policy in Canada, in which all restrictions, prohibitions and limitations in the insurance contracts were removed. The company’s first secretary, Robertson Macaulay (appointed in 1874), presented a plan for growth that included expanding the number of selling agents and introducing innovative insurance products. However, death claims under its issued life insurance policies were low, so the company survived. Poor trade and economic conditions for Canada also slowed the company’s growth ( see Economic History). Sun Life issued its first insurance policy on. Gault was appointed as the first managing director, and the company engaged its first agents to sell Sun Life insurance in Toronto. Due to the uncertainty of government at the time, and with Confederation occupying the businessmen’s attention, it was not until six years later that the company actually began operations. It was approved for operations by the Legislative Assembly of the Province of Canada on 18 March 1865. The unit actively manages assets for retail and institutional investors around the world through mutual funds, separately managed accounts and retirement plans.The company was formed by a group of Montréal’s leading businessmen as the Sun Insurance Company of Montreal. MFS, a global asset management firm, offers a comprehensive range of financial products and services. The company, however, continues to provide high-quality service for these existing policyholders. consists of Employee Benefits Group, Annuities and Individual Insurance. SLF Canada consists of Individual Insurance and Investments, Group Benefits and Group Retirement Services' and offers a full range of protection and wealth accumulation products and services to individuals and corporate clients. It reports its financial results through five business segments: SLF Canada, SLF U.S., MFS Investment Management, SLF Asia and Corporate. Sun Life, being the third largest insurer in Canada & well diversified by geography and product, provides protection and wealth management products and services to individual and group customers worldwide.
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