Albrecht says: “We are the fastest ever business unit in the history of the company to break even under IFRS 17, as opposed to IFRS 4. That’s the rate at which we’re growing and how sustainable we are. Under IFRS 17, we are reporting profit way into the future. We have really significant retained profits. We’re doing very, very well, and that’s partly because we have very compelling products that are very well designed, and we’re very, very tight on costs.”
Universal life (UL) is marketed by insurers as a tool to leave a substantial inheritance to your loved ones upon your death. In return, your insurer collects a hefty upfront lump sum premium that can run into seven-figure sums. These are known as protection-oriented universal life policies.
It appears that Sun Life, the global financial services company providing insurance and wealth protection solutions, has identified one of the more profitable segments of the insurance value chain. A few months ago, says Christopher Albrecht, CEO of Sun Life Singapore, in an interview with The Edge Singapore, Sun Life currently offers whole life and different types of ULs in Singapore.
