Sun Life has launched a new indexed universal life insurance product aimed at professional investors in Hong Kong, tapping into the city’s growing demand for high-end wealth management solutions.
The move follows a strong rise in the number of high-net-worth individuals (HNWIs) across Asia. According to Capgemini’s 2024 World Wealth Report, Asia recorded the second-highest growth in HNWIs worldwide in 2023. Hong Kong ranked 10th globally, with 42,715 individuals holding assets of US$10 million (HK$78.26 million) or more.
Sun Life’s new insurance product allows the policy’s indexed account value to be tied to the performance of a chosen market index. This gives investors more options for diversified asset allocation and long-term financial planning.
The product’s launch follows a joint circular issued in March 2025 by the Insurance Authority and the Hong Kong Monetary Authority. The circular introduced a formal regulatory framework for offering indexed universal life insurance to professional investors. Sun Life moved quickly to develop and launch the product in line with the new rules.
Clement Lam, CEO of Sun Life Hong Kong, said the company completed product development within two months. He added that the launch supports Sun Life’s broader strategy to expand its presence in the high-net-worth market.
Christine Yeung, General Manager of Life and Health at Sun Life Hong Kong, highlighted the company’s strong performance in the premium market. Based on 2024 data from the Insurance Authority, Sun Life ranked first among non-bank insurers in average premium per single-premium policy.
She added that 11.9% of the total sum insured in 2024 came from policies valued at HK$100 million (US$12.78 million) or more—a clear sign of growing interest from wealthy clients.
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