Bowtie Secures Series C Fundraising From Sun Life

New Funding Fuels Growth in Medical Insurance and Innovation in Preventive Healthcare

HONG KONG,July 18, 2025/PRNewswire/ -- Bowtie,Hong Kong'sfirst virtual insurer^[1], is proud to announce securing up toUS$70 millionin its Series C funding round. Led by Sun Life Hong Kong Limited ("Sun Life"), this marks the largest funding round for digital health insurers inAsiawith a direct-to-consumer model.

Bowtie continues to lead inHong Kong'sdigital insurance market, ranking first in the direct channel^[2], and securing the 9^thposition across all distribution channels in terms of new individual non-single premium policies sold^[3]. With overUS$80 millionin Annual Recurring Revenue ("ARR")^[4]  and more than 100% year-over-year growth,  Bowtie is on track to exceedUS$100 millionARR by 2025; In just six years, Bowtie has provided overUS$16 billionin total protection amount for families inHong Kong. Recognized as a top high-growth company inAsiaby the Financial Times^[5]and ranked number one inHong Kong, Bowtie is positioned among the fastest-growing tech companies globally.

The investment aligns with Sun Life's broader strategy to collaborate with innovative digital companies and enhance insurance accessibility. With Sun Life's continued support and backing, Bowtie will continue to operate under its current leadership as an associated company of Sun Life, with its own brand identity, distinctive culture and dedicated employee base.

"Bowtie is simultaneously achieving larger scale and faster growth which validates our unique business model and reflects the public's strong trust in our commitment to treating customers fairly,"saidMichael Chan, CEO and Co-Founder of Bowtie."Sun Life's continued partnership reinforces Bowtie's position as a mission-driven insurer, leveraging technology to better serve customers through simple and transparent products in a friendly digital setting. Going forward, Bowtie will continue to benefit from Sun Life's strong capital base and shared purpose of helping clients achieve lifetime financial security and live healthier lives. We are grateful for Sun Life's continued trust and support."

Bowtie takes pride in its operational efficiency and policy economics, generating overUS$100 millionin protection amount per employee,US$500,000ARR per employee, and maintaining the same level of strong unit economics despite the continued growth and scaling, reflecting strong pricing and marketing discipline together with exceptional customer retention.

"These results demonstrate the ability of our digital model to deliver exceptional efficiency and impact to customers, especially as we scale. We're doubling down on our core strengths, focusing on agentic artificial intelligence, health innovation, and talent development. Our investments in these areas will further enhance the customer experience and keep us ahead of the curve."saidFred Ngan, Co-Founder of Bowtie.

"Sun Life has been a long-term, committed partner to Bowtie for almost seven years. We're very pleased to strengthen this partnership to support the next phase of growth,"saidClement Lam, CEO of Sun Life Hong Kong Limited."At Sun Life, we believe in creating possibilities through innovation and creativity. Through our collaboration with Bowtie, we are combining cutting edge technology with deep insurance expertise, to set standards in delivering meaningful and innovative transformation within theHong Konghealth insurance industry."

This strategic investment will enable Bowtie to achieve ambitious goals, including securing a top 5 position in medical insurance inHong Kong, measured by the number of new medical insurance customers, scaling preventive healthcare initiatives, and expanding into international markets. The funding will further solidify Bowtie's role as a rising insurer and digital health leader.

About Bowtie

Bowtie Life Insurance Company Limited is an authorized life insurance company andHong Kong'svery first virtual insurer authorized by the Insurance Authority under the fast track pilot scheme. Its vision is to bridge the health protection gap and transform the way people access healthcare inAsia. Through digital technology, Bowtie makes health insurance more affordable and accessible for individuals and small-medium enterprises.

To date, Bowtie has raised overHK$1.0 billionfrom Sun Life Financial and Mitsui& Co., providing more thanHK$100 billionin protection amount to families. Learn more atwww.bowtie.com.hk.

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, includingCanada,the United States, theUnited Kingdom,Ireland,Hong Kong,the Philippines,Japan,Indonesia,India,China,Australia,Singapore,Vietnam,MalaysiaandBermuda. As ofMarch 31, 2025, Sun Life had total assets under management ofC$1.55 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on theToronto(TSX),New York(NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company ofCanada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company ofCanada.

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SOURCE Bowtie Life Insurance Company Limited