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Hong Kong, Sep 14, 2023 – Sun Life Hong Kong Limited (“Sun Life Hong Kong” or “the Company”) announced today that it has further increased its strategic investment in Bowtie Life Insurance Company Limited ("Bowtie"), Hong Kong’s first virtual insurer approved under the Fast Track pilot scheme of the Insurance Authority. Sun Life Hong Kong is the lead investor in Bowtie’s US$34.9 million Series B2 funding round, reaffirming its confidence in Bowtie's long-term development based on a proven track record of changing how customers access health insurance through technology.
Bowtie has an annual recurring revenue of US$25 million and over 100,000 customers, with a market share of around 30%1 in Hong Kong’s direct sales channel, and was ranked number one for the first half of 2023, grasping the market-leading position.
The new funding facilitates further expansion of Bowtie’s operations and technologies to fill Hong Kong's US$886 billion2 protection gap. Bowtie aims to accelerate product innovation and vertical integration with healthcare providers to create a distinctive customer experience.
Clement Lam, Chief Executive Officer of Sun Life Hong Kong Limited, said, "We are delighted to have been one of the early investors supporting Bowtie throughout itssuccessful journey, marked by a proven track record and strong execution. Bowtie has established a unique business model and successfully pioneered a whole new category of health insurer that offers more diversified and accessible options to the market. We maintain our confidence in Bowtie’s business potential and firmly believe that our strategic investment in Bowtie will create a positive impact on the health of our community.”
About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional 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, 2023, Sun Life had total assets under management of C$1.37 trillion. For more information, please visit www.sunlife.com.
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