The firm, which has made a number of acquisitions in Asia in recent years, will consider more M&A activity as well as building its own presence in the two markets, Kevin Strain, president of Sun Life Financial Asia told the news agency.
"These are two markets and potentially we will look at them," said Strain "It's a sizeable opportunity."
Although he stopped short of revealing a timeline for the expansion, Strauss added that Sun Life hopes to capitalise on booming middle class in place such as China and India.
The insurance giant already operates in seven Asian markets including China, Hong Kong, India, the Philippines and Malaysia.
Earlier this year, Sun Life Financial (SLF) confirmed that it will take 100% ownership of the Indonesia-based life insurer PT CIMB Sun Life (CSL), after signing an agreement to purchase an additional 51% stake on top of the 49% it already owns.
In August, the insurer acquired the Hong Kong pension business of FWD Group, entering into an exclusive 15-year distribution agreement that will allow Sun Life HK to distribute its pension products through FWD’s agency force in the city-state.