Sun Life Financial's Hong Kong CEO, Lin Jiayan, announced that the company's Annual Premium Equivalent (APE) increased by 46% year-over-year to HKD 11.9 billion in 2025, reaching a record high. While the company remains optimistic about growth this year, it anticipates a more moderate pace compared to last year. The number of financial advisors at the firm continues to grow, rising from 2,800 at the beginning of last year to approximately 3,600 by year-end. The current count is around 3,800, with an expectation to exceed 4,000 this year and reach 5,000 by 2027. Lin Jiayan stated that last year's business growth was primarily driven by strong performance across all sales channels and increased interest from high-net-worth clients in insurance products. This trend was attributed to market volatility making insurance products relatively stable and the persistent significant interest rate differential between the Renminbi and the US dollar, which attracted mainland Chinese clients to purchase policies in Hong Kong. However, the company expects that a potential appreciation of the Renminbi against the US dollar this year could slow the growth of policies from mainland visitors. Additionally, market instability is creating financial uncertainties for clients. Sun Life plans to continue seeking more partnership opportunities in sales. Regarding products, Sun Life's focus this year remains on retirement products. The immediate annuity plan launched last September has already generated HKD 3 to 4 billion in premium income. The company is researching other annuity products, such as deferred annuities, and also plans to increase the fund choices available for the Mandatory Provident Fund (MPF). Last year, the Hong Kong Insurance Authority clarified the regulatory framework for selling Indexed Universal Life (IUL) insurance to professional investors. While Sun Life and other companies have launched related IUL products, Lin Jiayan noted that some aspects of the sales process still require clarification—for example, how to confirm a client has sufficient assets to qualify as a professional investor—which affects the industry's product deployment. Hong Kong's development in IUL lags slightly behind Singapore's. Nevertheless, client interest in IUL has increased this year, with greater interest reported from bancassurance channels and sales partners. The Hong Kong industry needs time to further clarify related issues. Hong Kong is one of the key markets for Sun Life Financial Group in Asia. The President of Sun Life Financial Asia, Xin Wenqi, stated that Asia contributes approximately 20% to 25% to the group's net income, with Hong Kong accounting for about 40% to 45% of the Asian region's net income. When asked if the recent Middle East situation has affected insurance demand in Asia, Xin Wenqi mentioned that the impact varies across markets due to differing circumstances, but overall, the effect is not severe. In fact, some individuals are seeking protection-type products due to market instability and concerns. Deng Bin, President of Sun Life Financial Asia Asset Management, expressed optimism about global markets this year despite existing uncertainties. He believes the transformative potential of artificial intelligence and energy, particularly AI, is still in its early stages and will continue to develop. He is also bullish on sectors such as robotics and healthcare. He added that although geopolitical tensions bring instability, Asia's economy continues to grow and is relatively safe. As Hong Kong is an investment hub, there has been an observed inflow of capital.
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