Hong Kong — Sun Life Hong Kong has reported a remarkable increase in its new business annual premium equivalent (APE), achieving a 229% year-on-year growth in the first half of 2024, according to provisional statistics released by the Insurance Authority. This performance significantly outpaces the overall industry growth of 29%.
The company noted in a statement that its broker channel experienced exceptional results, with new business APE soaring by 318%, well above the industry’s growth rate of 51%. Sun Life secured the top position in broker channel performance for both the first and second quarters of the year.
In addition to broker channel success, the agency channel also demonstrated strong growth, recording a 57% increase in new business APE compared to a modest 5% growth in the industry during the same timeframe.
Sun Life’s high-net-worth business was instrumental in driving this growth, with first-year premiums (FYP) of HK$10 million (approximately US$1.29 million) or more rising by 32% quarter-on-quarter in the second quarter.
Christine Yeung, General Manager of Life and Health at Sun Life Hong Kong, expressed a cautiously optimistic outlook for the remainder of the year. “We will continue to introduce new products in a timely manner to diversify our product suite, remaining committed to helping our clients achieve lifetime financial security and live healthier lives,” Yeung stated.
Note: Currency conversion is based on the rate of US$1.00 = HK$7.77.
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