Meeting professional investor Clients’ demand for high-end products

Hong Kong, May 21, 2025 – Sun Life today announced the introduction of an indexed universal life insurance product for eligible professional investors^1, becoming the first insurer in Hong Kong to have this innovative product to the market.

Asia recorded the world’s second-highest growth in the high-net-worth individual population last year. Hong Kong ranked 10th, with 42,715 individuals possessing assets valued at US$10 million or above², underscoring the robust domestic demand for high-end wealth management solutions. Sun Life’s indexed universal life insurance product seamlessly aligns with this emerging market need. The product’s indexed account value is linked to the performance of an index, offering high-net-worth professional investors more diversified asset allocation opportunities, meeting their needs for financial planning and wealth accumulation.

In March 2025, the Insurance Authority and the Hong Kong Monetary Authority jointly issued a circular³ establishing a clear regulatory framework for the sale of indexed universal life insurance products to professional investors, injecting new dynamism into the insurance sector. Sun Life responded swiftly by becoming the first insurer in Hong Kong to announce the introduction of such a product, demonstrating its leading position as an industry innovator.

Clement Lam, Chief Executive Officer of Sun Life Hong Kong Limited, said: "In the past two months, we have dedicated our full efforts to completing the product development. We are pleased to be the first insurer in Hong Kong to introduce an indexed universal life insurance product for professional investors. This innovative product helps strengthen our business strategy in the high-net-worth Client market, comprehensively addressing the diverse financial and protection needs of Sun Life's professional investor Clients. It further expands our high-net-worth Client business and reinforce our commitment to helping Clients achieve lifetime financial security."

Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited, commented: " According to the Insurance Authority and our data for 2024, we ranked first⁴ in average premium per single-premium policy among non-bank⁵ insurers.  Notably, policies with sum insured of HK$100 million or above account for 11.9%⁶ of the total sum insured, demonstrating strong demand from high-net-worth Clients for our diversified product portfolio and their growing appetite for premium wealth management solutions. The new indexed universal life insurance product further enhances our diversified product portfolio, providing professional investors with more comprehensive wealth planning solutions. We will continue to gain insights into Clients’ needs and industry trends, introducing innovative products at the tight time to capture market opportunities."

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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 March 31, 2025, Sun Life had total assets under management of $1.55 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 Enquires:

Sun Life Hong Kong Limited                                              

Gloria Lai

Tel: (852) 6654 3138

Email: gloria.ty.lai@sunlife.com

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

¹There are two types of professional investors under the Securities and Futures Ordinance.  The first type is specified entities set out in paragraphs (a) to (i) of the definition of “professional investor” in Part 1 of Schedule 1 to the SFO (e.g., banks and insurance companies).  The second type is persons belonging to a class which is prescribed under the Professional Investor Rules (high net worth professional investors).

²Data source: The Wealth Report 2025 by consultancy Knight Frank.

³Data source: Hong Kong Monetary Authority: Indexed Universal Life Insurance Products for Professional Investors: https://brdr.hkma.gov.hk/eng/doc-ldg/docId/20250313-8-EN

⁴Data is based on average premium per single-premium policies of new businesses. Data source: Insurance Authority (Quarterly Release of Provisional Statistics for Long Term Business: All of 2024).

⁵Refers to ranking first in average premium per single-premium policies among the top 10 insurance companies by market share, excluding bank-owned insurance companies.

⁶Data source: Provided by Sun Life Hong Kong Limited for reference purposes only.