Press Release

JAKARTA, 1st July 2024 – Sun Life Indonesia is pleased to announce a significant leadership transition, marking a new chapter in its commitment to delivering excellence and growth in the Indonesian market. Effective 1st July 2024, Teck Seng Ho will officially assume the role of President Director of Sun Life Indonesia, succeeding Elin Waty, who will take on the position of President Commissioner and Executive Chair.

Teck Seng Ho brings to his new role a wealth of experience and a visionary approach to leadership. With over 30 years of experience in the financial services industry, Teck Seng has demonstrated exceptional expertise in bancassurance, digital transformation, and client experience. His previous role as Deputy Chief Executive Officer of Sun Life Malaysia saw him driving significant growth in bancassurance and banca takaful businesses, solidifying Sun Life's leadership position in the market.

"I am honored to lead Sun Life Indonesia and continue building on our strong foundation. My vision is to grow our bancassurance partnerships, reinvigorate our agency business with the support of digital capabilities, and maintain a sustainable financial discipline with a client-centric approach," said Teck Seng Ho. "Indonesia, with its rapidly growing middle class and commitment to infrastructure and digital innovation, is a vital market for Sun Life in Asia. I am excited about the opportunities that lie ahead."

Teck Seng's leadership style is characterized by authenticity, care, and thoughtfulness, qualities that align perfectly with Sun Life's values and commitment to client satisfaction and experience. His deep understanding of the Southeast Asian market and proficiency in Malay, English, and Mandarin will further enable him to navigate the unique cultural, social, and economic landscapes of Indonesia, ensuring tailored and effective strategies for growth.

After a remarkable tenure as President Director, Elin Waty will transition to the role of President Commissioner and Executive Chair, where she will chair the Board of Independent Commissioners. Elin's leadership over the past 11 years has been instrumental in expanding Sun Life Indonesia's distribution channels and forging significant partnerships, including a pivotal 15-year agreement with CIMB Niaga, which will deepen the relationship starting in 2025.

Elin's journey with Sun Life Indonesia began in 2013 as Chief Distribution Officer, and her impact has been profound. Under her leadership, Sun Life Indonesia has not only grown its market presence but also significantly enhanced its reputation as a trusted financial partner. Elin's strategic vision and dedication have set a strong foundation for future growth and innovation.

“Teck Seng Ho and I have both grown with Sun Life and have strong foundations in the financial services industry. I have witnessed his track record grow stronger over the years. I believe Sun Life Indonesia is in good hands,” said Elin.

Under the new leadership, Sun Life Indonesia aims to further strengthen its market position by focusing on client-centric solutions and leveraging digital innovations. The leadership transition comes at a time when the Indonesian market is experiencing rapid growth, with increasing urbanization, a burgeoning middle class, and robust economic development. These factors make Indonesia an attractive market for investment and a key growth area for Sun Life in Asia.

Teck Seng Ho's appointment as President Director signals Sun Life Indonesia's commitment to embracing digital transformation and enhancing customer experience. By integrating advanced technologies and data-driven strategies, Sun Life Indonesia plans to offer more personalized and efficient services, meeting the evolving needs of its clients. This approach aligns with Sun Life's broader strategy of leveraging innovation to drive growth and deliver value to clients.

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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 March 31, 2024, Sun Life had total assets under management of $1.47 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.

About Sun Life Indonesia

Sun Life Indonesia is a subsidiary of Sun Life Financial. We offer a variety of products protection and wealth management, from life insurance, education insurance, health insurance, and retirement plans. Sun Life partners with leading financial institutions, both national and international, to serve multi-distribution channel strategies and provide wider access to our insurance solutions. As of March 31, 2024, our conventional agency distribution of is supported by more than 4,065 sales force and 49 Conventional Independent Marketing Offices throughout Indonesia. Whilst Sharia distribution is supported by more than 1,601 agents with 21 Sharia Independent Marketing Offices throughout Indonesia.

As of March 31, 2024, Risk Based Capital (for Conventional business) is 480%, far exceeding the government’s minimum requirement which of 120% and Risk Based Capital (for Syariah business) is 208%, which meets the government’s minimum requirement of 120% with total assets of Rp20.5 trillion.

Sun Life Financial Indonesia has won several prestigious awards in 2024 including:

1.  Best Public Relations in Providing Protection Solution Through Innovative Product and Service - Indonesia Public Relations Award 2024

2. Indonesia Excellence Good Corporate Governance Ethics in Marketing and Distribution Channel Optimization – Indonesia Excellence GCG Awards 2024

3. Best Unit Link Award 2024

• Sharia Money Market Categories for 3 Year Period: Salam Pasar Uang
• Fixed Income Category USD Conventional 5 Year Period: High Yield Income Fund

4.  Unitlink Awards 2024

• USD Group of Conventional Money Market Funds: Sun Life Money Market Fund
• USD Group of Conventional Fund Stocks: Global Yield Equity Fund
• Sharia Fund Money Market Group: Salam Pasar Uang

5. The Most Innovative Life Insurance for Providing Practical and Integrated Service through Digital Transformation - Indonesia Digital Innovation Awards 2024

For more information, please contact:

Kaiser Simanungkalit                                                                                                         

VP Branding, Communications & Client Experience                                                            

Sun Life Indonesia                                                                

Tel: +6221-5289-0000                                                                        

Fax: +6221 5289-0019                                                                       

E-mail: Kaiser.Simanungkalit@sunlife.com