Sun Life Financial has set up a branch in Singapore to offer life insurance solutions to high-net-worth (HNW) clients.

The company received the final license approval from the Monetary Authority of Singapore in May this year for the Sun Life Assurance Company of Canada Singapore Branch (Sun Life Singapore).

The new branch is part of the company’s plan to bolster its presence to eight markets in Asia including China, the Philippines, Hong Kong, India, Indonesia, Malaysia, Singapore and Vietnam.

It is also anticipated to strengthen the company’s position in the international the HNW life insurance market.

Sun Life Asia president Léo Grépin said: “This represents a significant milestone in Sun Life’s history. 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.”

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Sun Life Singapore will be lead by former Sun Life Hong Kong Distribution and Marketing general manager Belinda Au as the CEO. He will report to Sun Life International HuBS president Fabien Jeudy.

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.”

Sun Life is said to offering life, health and wealth management solutions to over 23 million clients in Asia, through a multi-channel distribution approach.

Last month, the company wrapped up the acquisition of an 80% stake in the UK-based global infrastructure and real estate manager InfraRed Capital Partners.