Dah Sing Bank and Sun Life have signed an exclusive 15-year bancassurance partnership in Hong Kong.
Under the alliance, Sun Life will be the exclusive provider of life and health insurance solutions to Dah Sing’s 570,000 retail banking customers. Distribution of Sun Life products is expected to start in July, following regulatory approvals.
Sun Life will pay HK$1.5 billion (US$191.5 million), with variable payments to the bank based on the success of the partnership.
Dah Sing has been operating for the past 75 years with more than 40 branches across Hong Kong. Its total assets stood at close to HK$250 billion at the end of 2021.
With a 130-year history in the city, Sun Life has over 20 bancassurance partnerships in seven markets across Asia. As of September 30 2022, it had total assets under management of US$1.27 trillion.