Sun Life Financial Inc., a global leader in life insurance and asset management, has officially inaugurated its Singapore branch, marking a strategic move to deliver tailored life insurance solutions to High Net Worth Clients in the region. This expansion follows the green light received from the Monetary Authority of Singapore in May 2020.
Operating under the name Sun Life Assurance Company of Canada Singapore Branch (“Sun Life Singapore”), the branch is dedicated to offering comprehensive life insurance solutions aimed at empowering Clients to nurture, safeguard, and transfer their wealth to successive generations. With this step, Sun Life bolsters its footprint in Asia, encompassing key markets such as China, the Philippines, Hong Kong, India, Indonesia, Malaysia, Singapore, and Vietnam. The establishment of Sun Life Singapore reinforces the company’s preeminent position in the international High Net Worth life insurance sector.
Léo Grépin, President of Sun Life Asia, emphasized the significance of this milestone, stating, “This marks a pivotal moment in Sun Life’s journey. For 128 years, we have been dedicated to assisting Clients across Asia in growing, securing, and transferring their wealth. We eagerly anticipate extending our renowned expertise, unparalleled capacity, and bespoke solutions to aid Singaporeans in safeguarding their prosperity for generations to come.”
Singapore, renowned as a global financial epicenter, magnetizes numerous High Net Worth individuals owing to its robust regulatory framework and business-friendly environment conducive to entrepreneurship. Sun Life Singapore aims to tap into this lucrative landscape, providing affluent, High Net Worth, and Ultra High Net Worth Clients with adept wealth protection services. With its pioneering role in introducing universal life insurance to the global High Net Worth market two decades ago, Sun Life is primed to leverage its expertise in international High Net Worth life insurance to cater to the discerning needs of its clientele.
Belinda Au, appointed as the Chief Executive Officer of Sun Life Singapore, expressed her enthusiasm for the new venture, affirming, “Singapore, as a premier international financial hub, harbors a substantial population of High Net Worth individuals. I am thrilled by this opportunity and am committed to assisting our Clients in Singapore in realizing their wealth objectives and establishing enduring legacies that transcend generations.”
Reporting to Fabien Jeudy, President of Sun Life International HuBS, Belinda Au assumes leadership responsibilities aimed at delivering world-class products, underwriting, Client service, and relationship management to High Net Worth Clients in Singapore. Jeudy expressed confidence in the capacity of Sun Life International HuBS to harness its market-leading capabilities across the network to enhance Client service and seize growth prospects on a global scale.
Sun Life currently serves over 23 million Clients in Asia, offering a comprehensive suite of life, health, and wealth management solutions through a multi-channel distribution approach. Despite the challenges posed by the COVID-19 pandemic, Sun Life remains resilient, poised to assist Clients in navigating the evolving financial landscape and fortifying their wealth in the new normal.
Key Facts about Sun Life in Asia
Sun Life is a leading global financial services organization providing insurance, wealth, and asset management solutions to individual and corporate Clients. With operations spanning multiple markets worldwide, including Canada, the United States, the United Kingdom, and across Asia, Sun Life manages total assets under management of C$1,023 billion as of March 31, 2020. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF.
In 2019, Sun Life reported full-year underlying earnings of C$550 million, reflecting a 5% increase over 2018. The wealth and asset management businesses in Asia collectively manage assets totaling C$52 billion. Sun Life’s journey began in 1892, and since then, it has accumulated a vast client base, serving over 23 million individuals. The company’s extensive network is supported by a dedicated team of advisors, numbering over 123,000, and a workforce of 21,000+ employees across Asia.
Sun Life Assurance Company of Canada Singapore Branch operates as a branch of Sun Life Assurance Company of Canada, serving as the principal operating life insurance subsidiary of Sun Life Financial Inc.
