Sun Life Financial (SLF.TO) shares fell 2.9 percent on weaker than expected core earnings on Thursday, and the company said it had entered a joint venture to bulk up its Philippine insurance business. Sun Life will acquire 49 percent of Grepalife Financial, a unit of Asia's Yuchengco Group, for an undisclosed sum. The deal will allow Sun Life to provide insurance products to clients of Yuchengco-owned Rizal Commercial Banking Corp (RCBC), the company said. Under the deal, Sun Life's insurance products will be made available to RCBC's customer base of 2 million through a network of more than 350 branches, the Canadian insurer said. Sun Life will have 49 percent ownership of the company, but will have management control.
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