Dah Sing Bank, Sun Life enter bancassurance partnership in HK$1.5b deal
Beginning July, Sun Life will be the exclusive provider of life insurance solutions to Dah Sing’s customers.
Dah Sing Bank and Sun Life Hong Kong have entered into an exclusive 15-year bancassurance partnership in Hong Kong, according to a joint statement.
Under this partnership, Sun Life will be the exclusive provider of life insurance solutions to Dah Sing Bank’s 570,000 retail banking customers.
Sun Life will pay HK$1.5b for this exclusive arrangement, with ongoing variable payments to Dah Sing Bank based on the success of the partnership.
Following the completion of regulatory processes and approvals, distribution of Sun Life products is anticipated to start in July 2023.
Harold Wong, managing director and chief executive of the bank, said that Dah Sing is excited to enter the partnership with Sun Life.
“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,” Wong said.