Sun Life targets Asia’s booming wealth transfer market with new platform

Insurer joins global scramble to serve Asian clients looking to transfer wealth to next generation via insurance products Canadian insurer Sun Life has launched a new platform targeting Asia’s fastest-growing wealth management markets, as high-net-worth individuals in the region increasingly seek to use insurance products to protect their wealth and pass it on to the next generation. The integrated platform – named Sun Life Private Wealth – was launched on Tuesday with about 400 staff spread across Hong Kong, Singapore, Bermuda, Dubai, Canada, Ireland and the United States. It will serve high-net-worth customers with at least US$1 million of investible assets and ultra-high-net-worth individuals with at least US$30 million, according to the company. Rival insurers including Manulife, HSBC Life and AXA have also been exploring similar services recently, amid a trend for wealthy individuals looking to use insurance as a tool to pass on their assets to the next generation.

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