Sun Life has expanded its Hong Kong life insurance business via a $445 million acquisition of CMG Asia from Australia's CBA.
The deal sees Sun Life acquire the number 11th ranked player in Hong Kong. CMG Asia has a 2.4% market share in the life insurance sector among individuals based on in-force premiums. When that is combined with Sun Life's 2.1% market share that creates a larger entity with a 4.5% market share and which ranks 7th.
That puts the new business just outside the first division in the Hong Kong life sector. The Hong Kong market leader is AIA with a 19.9% market share,...
