Dah Sing Bank and Sun Life HK ink bancassurance partnership deal

Dah Sing Bank and Sun Life Hong Kong have joined forces in an exclusive 15-year bancassurance partnership. Sun Life will be the exclusive provider of life insurance solutions to the bank’s 570,000 retail banking customers to fulfill their savings and protection needs at different life stages.

According to the release, the partnership combines Sun Life’s comprehensive and competitive suite of life and health insurance solutions, with Dah Sing’s trusted brand, franchise, and distribution network of over 40 branches in Hong Kong. The distribution of Sun Life products will be anticipated to start in July 2023.

“As a bank with a 75-year history in Hong Kong, Dah Sing Bank has been focusing on delivering comprehensive high quality banking products and services to satisfy the wealth management needs of customers from all walks of life. 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," said Harold Wong, managing director and chief executive of the Dah Sing Bank.

"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,” he added.  

Under the bancassurance partnership, Sun Life will pay an amount of HK$1.5 billion for this exclusive arrangement, with ongoing variable payments to Dah Sing Bank based on the success of the partnership.

As an international financial services organisation with a 130-year history in Hong Kong, Sun Life has more than 20 quality bancassurance partnerships in seven markets across Asia as it expands its reach with world-class solutions and partners who share its commitment, according to Ingrid Johnson, president of Sun Life Asia.

"We are delighted to partner with Dah Sing Bank in Hong Kong{...}We look forward to forging a formidable partnership with Dah Sing bank as together we help even more clients achieve lifetime finanacial security and live healthier lives," Johnson added.

“This partnership is a natural next step for our business and enhances our distribution capabilities. 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. We look forward to partnering with Dah Sing Bank to help clients of all ages and stages of life achieve their goals,” said Clement Lam, CEO of Sun Life Hong Kong.

MARKETING-INTERACTIVE has reached out to Dah Sing Bank for further information

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