Sun Life Malaysia Assurance, a subsidiary of Canada-based Sun Life Financial, has outlined an ambitious growth strategy to expand its business footprint in the local insurance and takaful market in the country.

Sun Life Malaysia CEO Ooi Say Teng was quoted by StarBiz as saying that the immediate plans for this year will be to build its capabilities in terms of strengthening the distribution channels and product range.

"It will also involve investment in information and communications technology (ICT), branding and human resource.

"The next stage will be in 2014 and 2015 when the company will exploit its capabilities to fortify Sun Life Malaysia’s position and brand in the competitive insurance and takaful market,” Say Teng added.

Ooi further pointed that the company will strengthen its bancassurance to facilitate the development of multiple distribution channels, while launching a range of insurance solutions aimed at addressing the different needs of Malaysians.

In April 2013, Sun Life Malaysia Assurance and Sun Life Malaysia Takaful, the renamed CIMB Aviva Assurance and CIMB Aviva Takaful entities, were acquired by Sun and Khazanah, from Aviva International and CIMB.

Formed the completion of RM1.8bn (C$602m) acquisition, Sun and Khazanah own 49% each, while CIMB Group owns a 2% stake in Sun Life Malaysia.