Canadian insurer Sun Life inks $193 mln deal with HK's Dah Sing

Dah Sing Financial Holdings

20/01/2023 13:04

Jan 20 (Reuters) - A unit of Canadian insurer Sun Life
Financial Inc  SLF.TO  has partnered with Hong Kong-based Dah
Sing Bank  2356.HK  in a deal valued at nearly C$260 million
($193 million), the companies said on Friday. 
    Under terms of the partnership, Sun Life would pay to become
the exclusive life insurance provider for Dah Sing Bank's
570,000 retail customers, beginning July, the companies said.
    The deal will bring in new customers for Sun Life and help
the insurer expand its customer base in Hong Kong.
    The Hong Kong government had lifted COVID-19 restrictions
and reopened its borders with China early this month, opening
the lucrative market for insurance sales.    
    Executives at the Canadian insurer told analysts in a
post-earnings conference call last November that it experienced
outflows in Asian markets in the third quarter, including Hong
Kong, due to market volatility.  
    Sun Life-Asia President Ingrid Johnson added at the time
that the market in Hong Kong "was very encouraging with the
emergence of sales". 
 (Reporting by Manya Saini and Niket Nishant in Bengaluru;
Editing by Sherry Jacob-Phillips)
 ((Manya.Saini@thomsonreuters.com;))