Sun Life, Hang Seng expand services for rich clients, tout Hong Kong’s family office push
- Sun Life has teamed up with medical services operators to capture high-net-worth customers, while Hang Seng Bank has added new features for its Prestige customers
Canadian insurer Sun Life Financial and HSBC’s subsidiary Hang Seng Bank are expanding their services to capture business from rich customers in the Greater Bay Area, leveraging the government’s efforts to turn Hong Kong into a family office hub.
They join a wave of financial firms, including HSBC, Prudential and Manulife, that have recently announced expansion plans targeting the same customer base.
Sun Life has teamed up with HealthMutual Group, CUHK Medical Centre and Gleneagles Hospital to allow its high-net-worth clients and certain medical policyholders to undergo health examinations and treatments across the Greater Bay Area.
High-net-worth customers, those who invest at least HK$10 million (US$1.28 million) in Sun Life’s insurance policies, have been a growth engine for the company, representing almost 25 per cent of new business in the year’s first quarter, Clement Lam Ka-yin, CEO of Sun Life Hong Kong, said in an interview on Wednesday.
The insurer’s new business value in the first quarter jumped four times year on year to HK$2.23 billion. It was also substantially higher than 2019 before the Covid-19 pandemic affected business.
“With the government having introduced many measures to promote wealth management and family offices in Hong Kong, we have seen an increasing demand from wealthy individuals and family office operators buying large sums of policies,” Lam said.
