Underneath the phrases of the settlement, Solar Life can pay round C$260m ($194.34m) for the partnership in Hong Kong.
The settlement will see Solar Life act because the unique supplier of life insurance coverage choices to the financial institution’s 570,000 retail prospects.
By means of the alliance, Solar Life hopes to profit from Dah Sing‘s community of greater than 40 branches in Hong Kong.
As well as, the alliance enhances Solar Life’s present community of greater than 2,500 insurance coverage advisors working in Hong Kong.
Topic to the completion of regulatory processes and approvals, distribution of Solar Life’s choices is anticipated to start in July 2023.
Solar Life Hong Kong CEO Clement Lam stated: “This partnership is a pure subsequent step for our enterprise and enhances our distribution capabilities.
“Collectively we’re dedicated to designing the most effective merchandise and digital options for Purchasers and offering them with easy, quick, and pleasant experiences at each touchpoint. We look ahead to partnering with Dah Sing Financial institution to assist shoppers of all ages and levels of life obtain their targets.”
With the most recent deal, the insurer claims to have cast 20 bancassurance partnerships in seven markets throughout Asia.
Dah Sing Financial institution managing director and chief govt Harold Wong stated: “With each events sharing comparable aspirations and values, this strategic alliance will create a mutually rewarding alternative, giving the Financial institution’s prospects the selection of a various vary of best-in-class life and safety merchandise, and enabling Solar Life to entry our fast-growing wealth administration franchise in Hong Kong.”