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Hong Kong, Sep 5, 2023 – Sun Life Hong Kong Limited (“Sun Life Hong Kong” or “the Company”) announced that the Company has received approval from the Hong Kong Insurance Authority (“HKIA”) for early adoption of the Risk-based Capital (“RBC”) regime. Sun Life Hong Kong is one of the very few insurers in Hong Kong that has transitioned to the RBC regime earlier than scheduled, demonstrating its strong risk management capabilities and financial strength.
Sun Life Hong Kong’s early adoption of the RBC regime is a testament to its expertise in actuarial and financial management, highlighting the Company’s position as an industry frontrunner. Furthermore, a key advantage of the RBC regime is that it frees up a considerable amount of surplus capital through effective risk management and a diversified insurance product portfolio, providing a strong foundation that enables Sun Life Hong Kong to invest in future growth opportunities.
The new solvency capital basis has become effective as of June 30, 2023. With the RBC regime, the new measure provides a more transparent and accurate reflection of Sun Life Hong Kong’s true financial standing and economic value, further strengthening its top-notch solvency position.
Clement Lam, Chief Executive Officer of Sun Life Hong Kong Limited, said, “The implementation of the new RBC regime has further enhanced Hong Kong’s capital regime, representing a significant step towards fostering the long-term development of the insurance industry and deepening Hong Kong’s position as an international financial center. We take great pride in receiving regulatory approval for early adoption of RBC and are grateful for the tremendous efforts of our teams over the past year.”
He added, “This recognition truly exemplifies our trustworthiness and illustrates our dedication to adopting prudent financial practices that protect our Clients while strengthening our risk management capabilities. This move positions us around one year ahead of the anticipated implementation date for the RBC regime, providing our Clients with the most transparent protection and ensuring that our business and financials are well-poised to seamlessly operate in the new regulatory environment. We will continue driving long-term and positive impacts by helping more Clients achieve lifetime financial security and live healthier lives.”
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.
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.
Tel: (852) 2533 9973
Sun Life Hong Kong Limited
Tel: (852) 3183 3993