Financial Results

Sun Life Hong Kong Trumpets Strong Revenue Growth

Editorial Staff 8 January 2024

Sun Life Hong Kong Trumpets Strong Revenue Growth

Sun Life in Hong Kong has pointed out the scale of its business growth. These appear to be busy times for the overall group in its Hong Kong and Singapore operations.

Sun Life Hong Kong, which inked a bancassurance partnership with Dah Sing Bank in July last year, has broadcast how it clocked up a 52 per cent surge in annual premium equivalent (APE) in the third quarter from the second quarter of last year.

(APE is a measure used for comparison of life insurance revenue by normalising policy premiums into the equivalent of regular annual payments.)

As of 30 September 2023, Sun Life worldwide had total assets under management of $1.34 trillion. Sun Life, which is listed in Toronto, the Philippines and New York, operates worldwide. 

In Hong Kong, the onshore business recorded an APE growth of 100 per cent in Q3 year-to-date compared with the same period last year, it said in a statement.

“The introduction of our client service centre, Sun Gateway, has also played a pivotal role in driving sales, particularly among high net worth clients. With a diversified mix of distribution channels, we are confident in sustaining our business growth in the new year,” Christine Yeung, general manager, life and health of Sun Life Hong Kong Limited, said.

Life insurance is typically an important wealth management channel in Asia-Pacific, and the performance of businesses such as Sun Life is a useful barometer of sector health. 

As reported in December 2023, Sun Life Singapore – another part of the Sun Life group – appointed Christopher Albrecht as its new chief executive, effective 1 January. He is based in Singapore. 

In August 2022, Sun Life Hong Kong launched Stellar (18-pay), adding death benefit settlement options to aid clients’ legacy planning. It also launched the SaveFast Endowment Plan, a US dollar-denominated non-participating savings plan. In early December 2023, it appointed Patrick Wei as chief distribution officer, Asia. The firm in Singapore also inked a pact with Prudential Financial Advisers Singapore.

Register for WealthBriefingAsia today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes