Sun Life shines with a remarkable 155% year-on-year APE growth in H1 2023, including an 83% surge in the Hong Kong market.
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HONG KONG, Oct. 19, 2023 /PRNewswire/ -- Sun Life hosted an extraordinary event on the night of October 17 at The Millions, Happy Valley Racecourse, to launch its new brand campaign, and share its outstanding achievements in the first half of 2023 as a result of the brand's strong sales performance ESG-investing focused insurance products, strategic market expansion and customer-oriented digital transformation. The event showcased Sun Life's long-standing commitment to Hong Kong, solidifying its position as an iconic, top-tier stakeholder in the insurance industry.
Mr. Clement Lam, Chief Executive Officer of Sun Life Hong Kong, emphasized the significance of the new brand campaign in his opening remarks: "This campaign represents a transformative moment as we revitalize our brand identity, forging a stronger connection with our clients. With a fresh and contemporary visual identity and a brand message that reflects our core value, that life is always brighter under the sun, we demonstrate our dedication to being at the forefront of the industry, embracing change and new opportunity, and continually evolving to better serve our clients in Hong Kong."
This campaign signifies Sun Life's ongoing efforts to provide forward-thinking financial solutions that anticipate and address the changing needs of its clients at different stages of their lives, ensuring clients know that no matter what they face, Sun Life is always behind them to help them feel more certain about today and tomorrow.
(From the 5th person on the left) Ms. Rainbow Pan, General Manager, Wealth & Pensions and Mr. Clement Lam, Chief Executive Officer of Sun Life Hong Kong, and Mr. David Broom, Chief Client and Distribution Officer of Sun Life Asia welcomed all esteemed guests and shared outstanding first half achievements for 2023.
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 diversified 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 are three ESG-investing focused whole-life protection and savings plans that 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 company 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 Sun Life to provide exceptional service tailored to the needs of Mainland clients.
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 SAR, 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.
