Canada’s Sun Life Financial, through its subsidiary Sun Life Hong Kong (Sun Life), has formed an exclusive bancassurance alliance with Dah Sing Bank.
Under the terms of the agreement, Sun Life will pay around C$260m ($194.34m) for the partnership in Hong Kong.
The agreement will see Sun Life act as the exclusive provider of life insurance offerings to the bank’s 570,000 retail customers.
Through the alliance, Sun Life hopes to benefit from Dah Sing’s network of more than 40 branches in Hong Kong.
In addition, the alliance complements Sun Life’s current network of more than 2,500 insurance advisors operating in Hong Kong.
Subject to the completion of regulatory processes and approvals, distribution of Sun Life’s offerings is expected to commence in July 2023.
Sun Life Hong Kong CEO Clement Lam said: “This partnership is a natural next step for our business and enhances our distribution capabilities.
“Together we are committed to designing the best products and digital solutions for Clients and providing them with simple, fast, and enjoyable experiences at every touchpoint. We look forward to partnering with Dah Sing Bank to help clients of all ages and stages of life achieve their goals.”
With the latest deal, the insurer claims to have forged 20 bancassurance partnerships in seven markets across Asia.
Dah Sing Bank managing director and chief executive Harold Wong said: “With both parties sharing similar aspirations and values, this strategic alliance will create a mutually rewarding opportunity, giving the Bank’s customers the choice of a diverse range of best-in-class life and protection products, and enabling Sun Life to access our fast-growing wealth management franchise in Hong Kong.”