Dah Sing Bank signs $192m bancassurance deal with Sun Life Hong Kong
Hong Kong-based Dah Sing Bank has signed an exclusive 15-year bancassurance deal with Sun Life Hong Kong, a subsidiary of Sun Life Financial.
In this regard, Sun Life Hong Kong will be the exclusive provider of life insurance products to the 570,000 retail banking customers of Dah Sing Bank.
Sun Life Hong Kong will pay HKD 1.5 billion ($191.6 million) for the exclusive arrangement, with ongoing variable payments to the Hong Kong bank based on how the partnership shapes up.
Harold Wong — Dah Sing Bank Managing Director and Chief Executive said: “We at Dah Sing Bank are excited to enter into the Bancassurance Partnership with Sun Life, which has one of the most trusted life insurance brands in the world.
“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.”
Dah Sing Bank signs $192m bancassurance deal with Sun Life Hong Kong. Photo courtesy of SAimon sdf2/Wikimedia Commons.
The bancassurance partnership is said to combine Sun Life Financial’s suite of life and health insurance products with Dah Sing Bank’s brand, franchise, and distribution network of more than 40 branches in Hong Kong.
Clement Lam — Sun Life Hong Kong CEO said: “Sun Life and Dah Sing Bank share a long history in Hong Kong and a deep knowledge of the needs of our Clients. 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.”
The distribution of Sun Life Financial insurance products under the bancassurance deal, which will be subject to regulatory approvals, is expected to begin in July 2023.