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News release

October 19, 2021

Sun Life Hong Kong Increases Its Strategic Investment In Virtual Insurer Bowtie

Hong Kong, October 19, 2021 – Sun Life Hong Kong Limited (“the Company”) announced today that it has participated in the Series B1 funding round for Bowtie Life Insurance Company Limited ("Bowtie"), increasing its strategic investment in the virtual insurer. The move reflects the Company's confidence in the future of Bowtie.

As the first virtual insurer in Hong Kong, Bowtie provides insurance products through its novel digital distribution channels. So far, it has provided more than 40,000 customers with an aggregate insured value of over US$3 billion. The proceeds raised in this latest funding round will be used to scale up its operations in Hong Kong and expand across Asia.

Clement Lam, Chief Executive Officer of Sun Life Hong Kong Limited, said, “In the two to three years since its establishment, Bowtie has continually set new precedents for the industry and produced outstanding achievements. We are glad to witness the rapid growth of Bowtie and to share a common belief in the power of insurance. Thanks to technological innovation and a sound business model, Bowtie offers competitive pure-protection insurance products that have successfully attracted demand from potential markets. By increasing our strategic investment in Bowtie, we hope to continue strengthening our exchange and cooperation while supporting them in fulfilling their mission of bridging the vast protection gap in Hong Kong and across Asia.”

Caption: The increased strategic investment in Bowtie reflects Sun Life Hong Kong’s confidence in Bowtie’s future. The photo shows Karim Gilani, President of Sun Life International HuBS (far right), Clement Lam, Chief Executive Officer of Sun Life Hong Kong Limited (far left) and Bowtie's management.

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About Sun Life

Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2021, Sun Life had total AUM of CAD$1,360 billion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.