5:53, Monday, June 2, 2025

Sun Life Insurance - Entering China

1) SWOT Analysis
Strength:
•    Experience that Sun Life Financial have in insurance business – Started since 1865
•    Experience in expanding into new foreign market
•    Had a representative office in Beijing since 1992
•    Wide range of products available to customers to suit their need
•    Ability to customize package for high net worth individuals – More effective and efficient in generating profit
•    Distribution Channel

Weaknesses:
•    Restriction to expansion
•    Not getting the full license for the joint venture as on year 2000
•    Product and service not customize for China insurance market

Opportunities:
•    A market to tap on the untapped potential due to its population size and underdeveloped business in some industries
•    China is 2nd to United States on purchasing power parity basis
•    Low penetration of insurance in China
•    Possible growth rate of 15% over 10 year period for revenue
•    Possibilities to be granted license to do business in new cities by China
•    People buying insurance for security purpose due to the decrease in job security – No more iron bowl

Threats:
•    Level of bureaucracy in obtaining licenses and restricted on type of products and service allowed
•    Corruption & piracy
•    Possible disagreement occur between venture with Everbright
•    No same strategy can be apply throughout China due to demographic differences
2)    By ...
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