Move expands Sun Life’s presence to eight markets in Asia
SINGAPORE – Media OutReach – 7 August 2020 – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF), a global life insurer and asset manager, today announced it has opened a branch in Singapore to offer life insurance solutions to High Net Worth Clients. The announcement follows final license approval from the Monetary Authority of Singapore in May 2020.
Sun Life Assurance Company of Canada Singapore Branch (“Sun Life Singapore”) will offer life insurance solutions to help Clients grow, protect and transfer their wealth to the next generation. The move extends Sun Life’s presence to eight markets in Asia: China, the Philippines, Hong Kong, India, Indonesia, Malaysia, Singapore and Vietnam, and reinforces Sun Life’s leading position in the international High Net Worth life insurance market.
“This represents a significant milestone in Sun Life’s history,” said Léo Grépin, Sun Life Asia President. “For 128 years, we have been helping Clients in Asia to grow, secure and transfer their wealth. We look forward to bringing our trusted expertise, unmatched capacity and tailored solutions to help Singaporeans protect their prosperity for generations to come,” said Grépin.
Singapore is a global financial hub attractive to many High Net Worth individuals due to its sound and well-established regulatory environment, together with a business environment which encourages and cultivates entrepreneurialism. There is significant opportunity for Sun Life Singapore to help affluent, High Net Worth and Ultra High Net Worth Clients protect their wealth. Sun Life is a leader in international High Net Worth life insurance, having pioneered the universal life insurance product in the global High Net Worth market two decades ago.
Belinda Au, previously General Manager of Distribution and Marketing at Sun Life Hong Kong, has been appointed Chief Executive Officer of Sun Life Singapore. Au said, “As a leading international financial centre, Singapore is home to many High Net Worth individuals. I am very excited for this new opportunity and look forward to helping our Clients in Singapore to achieve their wealth goals and create a lasting legacy through their entire lifetime and beyond.” Au reports to Fabien Jeudy, President of Sun Life International HuBS: Sun Life’s businesses in Hong Kong, Bermuda and Singapore, which offer world-class products, underwriting, Client service and relationship management to HNW Clients.
Fabien Jeudy, President of Sun Life International HuBS, said, “It is my honour to lead Sun Life International HuBS. We can capitalize on our market-leading capabilities across this network to serve our Clients better and capture growth opportunities across the globe.”
Sun Life currently supports more than 23 million Clients in Asia, offering life, health and wealth management solutions through a multi-channel distribution approach. In the past four years, Sun Life’s business in Asia has grown to support 11.5 million new Clients and its underlying net income has grown at a CAGR of 15%.
Au continued, “The COVID-19 pandemic has changed the way we all live and work. Clients are learning to live with the virus and look for solutions that can help them grow their wealth in the new normal. This is where we step in — we are well-positioned to assist our Clients in securing their wealth with our strong HNW capabilities.”
Facts about Sun Life in Asia:
- 2019 full year underlying earnings of C$550 million, up 5% on 2018
- Wealth and asset management businesses in Asia have C$52 billion in assets under management
- Business Commenced: 1892
- Number of Clients: 23 million+
- Number of advisors: 123,000+
- Employees across Asia: 21,000+
Sun Life Assurance Company of Canada Singapore Branch is a branch of Sun Life Assurance Company of Canada. Sun Life Assurance Company of Canada is Sun Life Financial Inc.’s principal operating life insurance subsidiary.
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate 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, 2020, Sun Life had total assets under management of C$1,023 billion. 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.
Note to editors: All figures in Canadian dollars