1. India Rising: Implications for Canadian Business and Public Policy Sun Life’s India Story Gary M. Comerford Senior Vice President, International Distribution Public Policy Forum December 10, 2008

2. …Gurcharan Das, “India Unbound”
Quote
“India is an elephant that has begun to lumber and move ahead. It will never have speed, but it will always have stamina”
…Gurcharan Das, “India Unbound”

3. SLF Operations in Key International Markets
Canada
Ireland
Japan
China
United States
Hong Kong
Indonesia
Bermuda
United Kingdom
Philippines
India
Singapore

4. India: A Significant Opportunity
Fourth largest economy in the world (PPP)
GDP growth of 4% - 9%
Population of over one billion
Growing well-educated, confident middle class
English widely used
Common Law legal system

5. GDP Annual Percent Change

6. BSE (3 year daily closing)

7. India Emerging: Economic Growth Engine
Economic Growth by Sector
10.0
10.7
8.9
7.4
7.1
2.6
Source: EIU Limited 2008

8. India Emerging: Revving up for the Future
Burgeoning Consumer Markets
Households (millions)
Income (USD)
1995
2000
2005
2010
Affluent (More than $10,000) 3
0.6
0.8 8
Consuming ($3,000 to $10,000) 12 17 47
116
Struggling ($1,000 to $3,000)
105
126 97
147
Impoverished (less than $1,000)
negligible 51 44 10
Source: EIU Citigroup Research, India

9. India’s Demographic Advantage
Burgeoning Consumer Markets … driven, in part, by demographics

10. Before you can ride the elephant, you first must get on !
India Emerging…
Before you can ride the elephant, you first must get on !

11. Sun Life Financial: Our History
May 23, 1892 – Sun Life Financial appoints first agent
Sun Life Financial largest foreign insurer, exits India
1999 Sun Life Financial re-enters India through Joint Venture
2001 Sun Life Financial re-enters Indian insurance market

12. Sun Life Financial: Our Strategy
Financial Services
Top Three Positioning
Consumer Driven Distribution
Product Leadership
Strategic Alliance with AV Birla Group

13. Birla Sun Life Asset Management Company
Total Assets Under Management
9.5 billion
Cdn $
400 million
May 1999
Dec 2007

14. Sales Annualized Premiums
Birla Sun Life
315
1310
4626
6074
7026
9532
FY 02
FY 03
FY 04
FY 05
FY 06
FY 07
YTD
Dec'07
12223
(Rs mn)
CAGR in FY 08 – 104%

15. Ten Lessons Learned … The Hard Way
Pursue superior opportunities only.
Learn to “play” with your partner early.
Ownership decision – Mission critical.
Constant oversight by senior management of joint venture.
Get the right CEO / Managing Director.

16. Ten Lessons Learned … The Hard Way
Sales and market accountability held locally.
Agree on the capital burn rate at the outset.
Day One: Establish standards.
The deal you negotiate is not the deal you live with.
Focus. Focus. Focus.

17. Thank you.