Sun Life expands presence with Singaporean Branch
Sun Life Financial, a global life insurer and asset manager, has announced that 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 said in a press release.
The ‘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 firm reports.
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.
Léo Grépin, President, Asia, Sun Life Financial, 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”
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, says Sun Life. 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, Chief Executive Officer, Singapore, Sun Life, 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.”
In her new role, 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, 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, the firm extolls. 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%.
“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,” commented Au.
Facts about Sun Life in Asia:
- 2019 full year underlying earnings of CAD550 million, up 5% on 2018
- Wealth and asset management businesses in Asia have CAD52 billion in assets under management
- Business Commenced: 1892
- Number of Clients: 23 million+
- Number of advisors: 123,000+
- Employees across Asia: 21,000+