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* Sun Life MPF Master Trust has been merged into Sun Life Rainbow MPF Scheme from 30 August 2023
# Sun Life MPF Basic Scheme and Sun Life MPF Comprehensive Scheme have been merged into Sun Life Rainbow MPF Scheme from 29 November 2023
Hong Kong, Jan 5, 2024 – Capitalizing on the robust momentum in new business, Sun Life Hong Kong Limited (“Sun Life Hong Kong” or “the Company”) achieved growth in Annual Premium Equivalent (“APE”) of 135% in Q2 compared to Q1 and 52% in Q3 compared to Q2 in 2023. These represent the highest quarter-on-quarter growth percentages in the market for two consecutive quarters.
On top of strong performance of agency and broker channels, the recently established bancassurance partnership with Dah Sing Bank in July 2023 has already begun to make a valuable contribution. By diversifying its distribution channels and expanding customer access, Sun Life Hong Kong has effectively provided customers with greater accessibility to its comprehensive range of life insurance products and services.
The onshore business recorded an APE growth of 100% in Q3 year-to-date compared to the same period last year. This remarkable success is a testament to Sun Life’s unwavering commitment to the Hong Kong market.
Entering 2024, Sun Life Hong Kong continues to enhance its product portfolio with the launch of SunJoy Global, a participating insurance plan that offers long-term savings and growth potential with a focus on investment opportunities that excel in their ESG qualities.
SunJoy Global is an upgraded version of SunJoy, with short 2-Pay or 5-Pay premium payment terms. Newly enhanced features include:
Moreover, SunJoy Global helps Clients face unexpected circumstances with the following features:
3. Mental Incapacity Benefit7, which allows Clients to appoint a family member to file a claim in case they are unable to do so;
4. First-in-market8 Accidental Caring Plus Benefit9, which protects Clients against major accidents10 with up to 10 times of the Notional Amount of the basic plan (which is equivalent to total annual premiums) in the benefit amount; and
5. Flexible financial arrangements help Clients to ease their financial burdens by deferring or waiving future premiums if a mishap happens.
Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited, said, “We are delighted to maintain our strong momentum from Q2 of 2023, mainly attributed to our comprehensive product offerings that meet Clients’ demand and exceptional business development efforts. Furthermore, the introduction of our client service center, Sun Gateway, has also played a pivotal role in driving sales, particularly among high-net-worth Clients. With a diversified mix of distribution channels, we are confident in sustaining our business growth in the new year.”
Yeung continued, “Moving forward, our focus remains on meeting our Clients’ needs by providing them with innovative and comprehensive solutions. Our enhanced product, SunJoy Global, is designed to serve as an effective tool for legacy planning with best-in-class features. Clients can achieve their goals while enjoying stable returns and growth potential, embracing a bright and prosperous future with their loved ones.”
From 2nd to 31st January, applicants can enjoy the SunJoy Global Green Offer and premium rebate.
For more information, please visit: https://www.sunlife.com.hk/en/insurance/savings-and-life/sunjoy-global/
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Remark:
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 September 30, 2023, Sun Life had total assets under management of $1.34 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.
This press release is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or a solicitation to buy or provision of any products of Sun Life Hong Kong Limited outside Hong Kong. Please refer to the product brochure and sample Policy Document for details including definitions and full terms and conditions including key product risks. If there is any conflict between the Policy Document and this press release, the Policy Document shall prevail.
Media Contact
Sun Life Hong Kong Limited
Joey Hui
Tel: (852) 3183 2737
Email: joey.ky.hui@sunlife.com
Weber Shandwick
Juliana Li
Tel: (852) 2533 9973
Email: JLi2@webershandwick.com