Sun Life HK to buy FWD Life’s Bermuda pension business

August 5 2016 by InsuranceAsia News Staff

Sun Life Hong Kong is set to acquire the pension business of FWD Life’s Bermuda pension unit, its parent company Sun Life Financial announced.

Among FWD’s activities, Sun Life will take over are the Mandatory Provident Fund and Occupational Retirement Schemes Ordinance businesses.

Sun Life HK and FWD will also enter into an exclusive 15-year distribution agreement that will allow Sun Life HK to distribute its pension products through FWD’s agency force in Hong Kong.

Dean Connor, president and CEO of Sun Life Financial, said expanding the company’s pension business is a priority in its Asian operations.

The deal, he added, is promising considering the growth expected in the MPF market to meet the needs of Hong Kong’s ageing population.

The transactions, together with Sun Life HK’s acquisition of the MPF business of Schroder Investment Management in Hong Kong, will strengthen Sun Life HK’s position as a leading MPF provider.