Sun Life Hong Kong marks 133 years with market leadership and bold vision for high-net-worth clients

As Sun Life Group celebrates 160 years globally and 133 years in Hong Kong, CEO Clement Lam shares how the insurer is shaping the future of high-net-worth wealth management.

In a landmark year celebrating Sun Life Group’s 160th global anniversary and Sun Life Hong Kong’s 133-year presence in Hong Kong, the multinational life insurer has emerged as a market leader with a record-breaking 2024 performance.

At the helm is Clement Lam, CEO of Sun Life Hong Kong, who is steering the insurer toward an ambitious future focussed on high-net-worth (HNW) clients. In this exclusive interview with Hong Kong Business, Lam outlines how the company is strengthening its leadership in wealth succession, family office value-added services, and sustainable investments, solidifying its role as a trusted partner for Asia’s HNW families and reaffirming its legacy in the region's evolving financial landscape.

How does Sun Life Hong Kong's 2024 performance compare to overall market trends in Hong Kong’s insurance industry?

Clement Lam: Sun Life Hong Kong emerged as the No. 1 insurer in broker channel, with an industry-leading Annual Premium Equivalent of HK$5,814m, according to the Insurance Authority. Our 90% year-on-year growth across all distribution channels far exceeded the market average of 28%, with growth rates 3.2 times faster than Hong Kong’s overall insurance sector. This extraordinary growth reflects the successful execution of our multi-channel strategy and underscores our accelerating market leadership.

As CEO, how do you plan to strengthen Sun Life's leadership in the high-net-worth insurance sector?

Clement Lam: With 30 years of expertise serving global HNW clients, Sun Life Hong Kong ranks No. 1 in average premium per single-premium policy amongst the city's top 10 non-bank insurers (Insurance Authority, 2024). Our premier HNW business continues to thrive, with policies exceeding HK$100m in sum assured, representing 11.9% of our total sum insured, whilst high-value policies with first-year premiums (FYP) of HK$10m+ contributed 30.9% of total FYP. Building on Sun Life's 160-year global legacy, we combine financial strength and stability with unparalleled underwriting expertise to deliver tailored insurance solutions. Our global reach and local expertise allow us to serve clients effectively across borders, which is particularly valuable for our HNW clientele. We're proud to maintain industry-leading retention rates, reflecting our commitment to client satisfaction and long-term relationships. To build on this success, we are further sharpening our expertise in wealth succession and governance. Strengthening strategic partnerships remains key - collaborating with global tax advisors, legal professionals, and family office consultants to expand our suite of value-added services, including trust planning and family governance solutions. Our financial stability is reinforced by top ratings from S&P, A.M. Best, DBRS, and Moody's, instilling confidence in our clients.

What opportunities do you see for enhancing support for ultra-high-net-worth families in wealth succession and governance?

Clement Lam: The government's strategy to position Hong Kong as a premier family office hub has intensified the demand for sophisticated wealth succession planning and value-added services within the high-net-worth ecosystem. Aligning with government policies, we provide tailored advisory services including global tax planning, trust structuring, and family governance solutions. In 2023, we became the first insurer to collaborate with InvestHK, hosting a family office seminar for over 100 partners to discuss Asia's leadership in wealth management. In 2024, we became the first local insurer to partner with a top Hong Kong institution in delivering family office courses. Moving forward, we will strengthen our engagement with government initiatives to reinforce Hong Kong's role as a premier family office hub.

We also observed that high-net-worth individuals are increasingly focussed on wealth succession planning, comprehensive cross-border financial services (especially in the Greater Bay Area), and a growing commitment to sustainable investment opportunities. The needs of high-net-worth clients have evolved from pure wealth accumulation to comprehensive wealth succession and next-generation succession planning. They prioritise wealth succession, tax planning, and asset protection over mere coverage. They prefer high-coverage savings insurance, large sum-assured life insurance, universal life insurance, investment-linked insurance products, key person insurance, and business continuation insurance. They can flexibly allocate funds through premium financing, policy pledging, and other methods to achieve goals such as business expansion, philanthropic planning, and financial security for their families.

What are your next steps in expanding Sun Life’s high-net-worth ecosystem?

Clement Lam: Our next phase in strengthening the HNW ecosystem focusses on digital innovation and deepening strategic partnerships. Enhancing our digital solutions will improve client interactions, whilst further collaborations with global tax advisors, legal professionals, and family office consultants will reinforce a holistic service offering. Sun Life remains dedicated to delivering exceptional value to our clients, ensuring seamless financial planning and legacy solutions.

Looking ahead to 2025 and beyond, what are Sun Life Hong Kong's key priorities?

Clement Lam: Our priorities for 2025 and beyond include further solidifying our HNW leadership, advancing our family office ecosystem, and enhancing digital capabilities to meet evolving client needs. We will continue innovating wealth succession and governance solutions whilst strengthening government and industry partnerships to position Hong Kong as a global hub for ultra-HNW financial services. With robust performance, innovative products, and a global network, Sun Life Hong Kong is well positioned to its mission: "To be Asia's premier HNWI service provider, offering comprehensive wealth management, health optimisation, and sustainable investment strategies for high-net-worth individuals."