Sun Life Hong Kong awarded "Life Insurer of the Year" by 10Life for second consecutive year

Recognized as the only insurer to achieve 5-Star accolades across all product categories in the industry

HONG KONG SAR - Media OutReach Newswire - 16 January 2024 - Sun Life Hong Kong Limited ("Sun Life Hong Kong" or "the Company") is honored to receive 16 awards at the "10Life 5-Star Insurance Award 2024" organized by 10Life, an insurance comparison platform in Hong Kong, including the standout "Life Insurer of the Year" for the second consecutive year.

These accolades recognize Sun Life's exceptional performance and reinforce its market leading position in life insurance products.

Sun Life Hong Kong proudly stands as the only insurer to have been awarded 5-Star accolades (see appendix) in all product categories, namely Medical Insurance, Critical Illness Insurance, Savings Insurance, Qualifying Deferred Annuity Policy, and Whole Life Protection Insurance. These achievements highlight the Company's commitment to offering the best products.

Clement Lam, Chief Executive Officer of Sun Life Hong Kong, said, "We are proud to be once again named 'Life Insurer of the Year' this year. This esteemed award is bestowed by 10Life from among over 50 peers in the industry, who collectively offer more than 1,500 insurance products. Receiving this highly respected award is a great honor, endorsing our outstanding achievements in the industry. Furthermore, our market leading performance is a testament to the comprehensiveness of our product portfolio that meets the needs of our Clients. This builds on our track record of outstanding performance as we achieved the highest quarter-on-quarter growth in Annual Premium Equivalent in the market during the second and third quarters of 2023. Together, these recognitions motivate us to continue striving for excellence as we help our Clients achieve lifetime financial security and live healthier lives."

Robin Lee, Chief Product Officer, Life and Health, Sun Life Hong Kong, said, "Sun Life Hong Kong is built on client centricity, understanding our Clients from their perspective. Leveraging our in-depth experience and dedication to innovation, we continuously optimize our product offerings based on market feedback across a range of areas, from risk management and liquidity to protection coverage and service quality, ensuring we maximize the value of our products so that they genuinely answer our Clients' needs."

He added, "As the first-in-market insurer to integrate ESG concepts into savings plans, our products not only focus on nominal returns but also emphasize sustainability, reflecting our commitment to creating a brighter future for our Clients and the next generation through our long-term vision. Our product SunJoy Global is one such example. Aside from offering the most comprehensive legacy planning functions in the market, it also provides long-term savings and wealth growth potential with flexible withdrawal options to fully meet Clients' diverse needs in wealth management."

Organized by 10Life, the largest insurance comparison platform in Hong Kong, the "10Life 5-Star Insurance Award 2024" is one of the most representative awards in the industry. 10Life actuaries identify the most essential factors to consumers such as coverage, premium (price/performance ratio), terms, and more, which is used to then design the rating criteria for different types of products, including product returns and terms and conditions, among others. 10Life compares over 1,500 insurance products from over 50 insurers in the market with the top-rated products under each category awarded a 5-Star rating. It also selects the "Insurer of the Year" based on their comprehensiveness of protection coverage. 10Life's product scoring process is professional and independent, without favoring any particular insurance company. 10Life's unified scoring standard enhances the transparency of insurance products in the market, enabling consumers to easily compare insurance products to make informed decision.

10Life examines five major insurance categories including Medical Insurance, Critical Illness Insurance, Savings Insurance, Qualifying Deferred Annuity Policy, and Whole Life Protection Insurance for its "Life Insurer of the Year Award". The winner needs to achieve 5-Star ratings in all product categories and has a wider range of 5-Star products than its peers, proving its ability to provide high-quality protection across all areas.

For more information about the award, please visit https://bit.ly/48zjTVR (Chinese version only)

Appendix – List of Sun Life Hong Kong's wins at 10Life 5-Star Insurance Award 2024

Sun Life Hong Kong

Life Insurer of the Year

Product	Award
SunHealth OmniCare Plan 3	5-Star Whole Life Critical Illness
SunProtect	5-Star Whole Life Protection
Vital	5-Star Whole Life Protection
WeHealth Prestige	5-Star VHIS (Semi-Private) 5-Star Medical (Top Up)
Victory	5-Star Savings (Retirement) 5-Star Savings (Legacy)
Stellar Multi-Currency Plan	5-Star Savings (Retirement) 5-Star Savings (Legacy)
SunGift	5-Star Savings (Legacy)
SunJoy	5-Star Savings (Legacy)
SunJoy Global	5-Star Savings (Legacy)
Foresight Deferred Annuity Plan	5-Star QDAP (Savings) 5-Star QDAP (Retirement) 5-Star QDAP (Longevity)

Hashtag: #SunLifeHongKong

The issuer is solely responsible for the content of this announcement.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2023, Sun Life had total assets under management of $1.34 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.