Sun Life Financial and China Everbright Group's Chinese joint venture life insurance company, Sun Life Everbright Life Insurance, has received preparatory approval from the China Insurance Regulatory Commission to commence operations in Shanghai.

This approval means that Sun Life Financial’s operations in China now span a total of 14 cities. The clearance will bolster the Canadian company’s plan to expand its worldwide distribution network, as China is key to this global strategy.

Sales in Shanghai are expected to begin in the fourth quarter, subject to China Insurance Regulatory Commission operating approval, Sun Life revealed.