Sun Life Financial Inc. has doubled down on asset management with a series of acquisitions totaling more than C$2 billion ($1.4 billion). The Canadian insurer is making a strategic push into investment management by acquiring stakes in multiple investment firms, signaling a major shift in its business model.

This move comes as traditional insurers seek to diversify revenue streams beyond core insurance products. By expanding its asset management capabilities, Sun Life aims to capitalize on growing demand for investment products and generate more fee-based income. The company has been steadily building its wealth management presence in recent years.

The acquisitions represent Sun Life's largest foray into asset management to date, positioning the company to compete more aggressively with established players in the investment management space. With these deals, Sun Life is betting that fee-based revenue from asset management will provide more stable earnings than traditional insurance products.