BEIJING (Bloomberg) — Sun Life Financial Inc., Canada's third-largest insurer, plans to expand in more cities in China through its venture with China Everbright Group, chief executive officer Donald Stewart said.

Sun Life operates in 18 cities with 2,000 agents through the partnership, the Toronto-based insurer told investors yesterday.

"There are excellent prospects, partially driven by the strong domestic savings cultures," Stewart said. Business in India also will "significantly accelerate growth" for the insurer, he said.

Sun Life reported this month that third-quarter profit was C$453 million, or 79 cents a share, compared with a year-earlier net loss of C$140 million, or 25 cents.