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) received The company announced on Friday.
Under the terms of the partnership, Sun Life would pay to become the exclusive life insurance provider for Dah Sing Bank’s 570,000 retail customers starting in July, the companies said.
The transaction will bring new customers to Sun Life and help the insurer expand its customer base in Hong Kong.
The Hong Kong government had lifted COVID-19 restrictions and earlier this month reopened its borders with China, opening up the lucrative market for insurance sales.
Executives at the Canadian insurer told analysts in a conference call following last November’s earnings that the third quarter saw outflows in Asian markets, including Hong Kong, due to market volatility.
Sun Life-Asia President Ingrid Johnson added at the time that the Hong Kong market was “very encouraging with the level of sales”.
Reporting by Manya Saini and Niket Nishant in Bengaluru; Edited by Sherry Jacob Phillips
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