Sun Life debuts IUL product in HK to target wealthy investors

The new product links its indexed account value to the performance of a chosen index.

Sun Life has introduced an indexed universal life insurance product for eligible professional investors in Hong Kong.

The launch comes as Hong Kong sees increasing demand for high-end wealth management solutions. 

According to Capgemini’s 2024 World Wealth Report, Asia had the second-highest growth in high-net-worth individuals globally in 2023. 

Hong Kong ranked 10th worldwide, with 42,715 individuals holding assets of $10m (HK$78.26m) or more.

The new product links its indexed account value to the performance of a chosen index, providing professional investors with broader options for diversified asset allocation and long-term financial planning.

The Insurance Authority and the Hong Kong Monetary Authority issued a joint circular in March 2025 establishing a regulatory framework for the distribution of indexed universal life insurance products to professional investors. 

Following this development, Sun Life quickly moved to introduce its offering under the new guidelines.

Clement Lam, CEO of Sun Life Hong Kong, said the company completed product development over the past two months and aims to support its business growth in the high-net-worth segment.

Christine Yeung, General Manager of Life and Health at Sun Life Hong Kong, said that based on 2024 data from the Insurance Authority, the insurer ranked first in average premium per single-premium policy amongst non-bank insurers. 

She noted that 11.9% of total sum insured came from policies valued at $12.78m (HK$100m) or more, indicating solid demand from high-net-worth clients.

($1.00 = HK$7.83)