Mr. Lam further emphasized Sun Life Hong Kong's unwavering commitment to its customers, stating that the company's recent achievements are a testament to its dedication to empowering advisors and seizing growth opportunities. In the first half of 2023, Sun Life Hong Kong achieved remarkable results with a 155% increase in Annual Premium Equivalent (APE), driven by an 83% growth in onshore APE, which fully reflects the company's unwavering commitment in Hong Kong market.
Remarkable 1H 2023 APE driven by diversif product offering
Sun Life Hong Kong's strong performance can be attributed to its focus on delivering innovative products and services that cater to the evolving needs of its diversifying customer base. Namely, SunGuardian, SunGuardian (Care version), SunProtect and Stellar Multi-Currency Plan. ESG-investing focused whole-life protection and savings plans accounted for over 70% of the overall sales in the first half of2023. This significant contribution highlights the increasing demand for sustainable investment options and underscores Sun Life's commitment to providing customers with choices that align with their values and long-term financial goals.
Building upon a strong foundation in the Hong Kong market
Sun Life Hong Kong has experienced remarkable success this year to date, the APE of Q2 2023 of brokers achieved a staggering growth of nearly 300%, while with the expansion plan of the agency channel, the company also demonstrated a commendable APE growth rate of 29% compared to Q1, testifying to the company's ability to leverage its solid foundation and effectively capitalize on growth opportunities in key markets. Furthermore, Sun Life's 15-Year Exclusive Bancassurance Partnership with Dah Sing Bank, which unites two iconic brands in Hong Kong, has further strengthened its market presence. The implementation of a streamlined paperless sales platform has also seen the brand strengthen its position as a dedicated to market-leading customer experience.
Sun Life Hong Kong seizes Mainland China opportunities with continued growth
Sun Life Hong Kong has achieved remarkable sales growth in 2023, capitalizing on Mainland China market opportunities, with the opening of the border between Mainland China and Hong Kong presenting significant growth prospects. The company aims to increase its Mainland visitors’ business share from 23% to 30% by year-end, with a long-term vision of reaching 50%. As part of its growth strategy, the company is actively recruiting financial consultants who possess a deep understanding of the Mainland market, enabling to provide exceptional service tailored to the needs of Mainland clients.
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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 (Incorporated in Bermuda with limited liability) is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.
Media Contact
This press release is distributed by Rubison Marketing Solutions on behalf of Sun Life. For enquiry and interview arrangement, please contact:
Claudia Li +852 3702 6939/ 6445 4647 claudia.li@rubison.com.hk
Channie Chan +852 3702 6939/ 5100 1674 channie.ly.chan@rubison.com.hk
Wing Cheung +852 3702 6939/ 9861 3419 wing.cheung@rubison.com.hk