Sun Life’s business boosted by 229% in the first half of the year Sustaining market leadership with robust growth

Hong Kong, Sep 24, 2024 – According to the provisional statistics on Hong Kong Long Term Insurance Business (January to June 2024) released by the Insurance Authority, Sun Life Hong Kong Limited ("Sun Life")  demonstrated exceptional growth across various areas in the first half of the year, sustaining a robust growth trajectory.

Key highlights of the business in the first half of 2024  include:

• Overall Business: New business annual premium equivalent (APE) increased by 229% year-on-year, far exceeding the overall industry growth of 29%;
• Broker Channel: New business APE increased by 318% year-on-year, outperforming the overall industry growth of 51%. The broker channel’s business performance ranked first in both the first and second quarters consecutively;
• Agency Channel: New business APE increased by 57% year-on-year, exceeding the overall industry growth of 5% during the same period; High-net-worth business: The growth rate of first-year premiums (FYP) of HK$10 million or above increased by 32% quarter-on-quarter in the second quarter.

Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited, said: "Building on the growth momentum from last year, our performance in the first half of this year has remained strong, with our high-net-worth business being one of the key drivers of this growth. This has been mainly driven by our comprehensive product portfolio that caters to our Clients’ needs and the proactive collaboration of all our teams in driving business development. In addition, the new savings and critical illness products we launched during this period, including SunJoy Global, SunGift Global and SunWell series, have successfully captured Clients across various segments and age groups. Looking ahead, we maintain a cautiously optimistic outlook for the business in the remaining of the year. We will continue to introduce new products in a timely manner to further diversify our product suite, remaining committed to helping our Clients achieve lifetime financial security and live healthier lives.”

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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, Mainland China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2024, Sun Life had total assets under management of $1.46 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.

Media Contact

Sun Life Hong Kong Limited

Kate Siu

Tel: (852) 3183 3696

Email: kate.wy.siu@sunlife.com

Weber Shandwick
Juliana Li

Tel: (852) 2533 9973
Email: JLi2@webershandwick.com