Sun Life Hong Kong sees over two-fold APE in H1 2024

It outperformed the industry’s overall growth of 29%.

Sun Life Hong Kong saw its new business annual premium equivalent (APE) surge by 229% year-on-year (YoY) in the first half of 2024 (H1 2024), according to provisional statistics on Hong Kong's long-term insurance business released by the Insurance Authority.

Sun Life said in a statement it outperformed the industry’s overall growth of 29%.

The broker channel saw particularly strong results, with new business APE rising by 318% YoY, far exceeding the industry’s 51% growth. 

Sun Life ranked first in broker channel performance for both the first and second quarters of 2024. 

Meanwhile, the agency channel also posted robust results, with new business APE growing by 57% YoY, compared to the industry’s 5% growth during the same period.

Sun Life’s high-net-worth business played a pivotal role in this growth, with first-year premiums (FYP) of HK$10m (US$1.29m) or more increasing by 32% quarter-on-quarter in the second quarter.

“Looking ahead, we maintain a cautiously optimistic outlook for the business in the remaining of the year. We will continue to introduce new products in a timely manner to further diversify our product suite, remaining committed to helping our Clients achieve lifetime financial security and live healthier lives,” Christine Yeung, general manager, Life and Health of Sun Life Hong Kong, said.
(US$1.00 = HK$7.77)