New Funding Fuels Growth in Medical Insurance and Innovation in Preventive Healthcare
HONG KONG, July 18, 2025 /PRNewswire/ — Bowtie, Hong Kong’s first virtual insurer[1], is proud to announce securing up to US$70 million in its Series C funding round. Led by Sun Life Hong Kong Limited (“Sun Life”), this marks the largest funding round for digital health insurers in Asia with a direct-to-consumer model.
From left to right: Mr. Michael Chan, CEO & Co-Founder of Bowtie; Mr. Clement Lam, CEO of Sun Life Hong Kong Limited; Mr. Fred Ngan, Co-Founder of Bowtie
Bowtie continues to lead in Hong Kong’s digital insurance market, ranking first in the direct channel[2], and securing the 9th position across all distribution channels in terms of new individual non-single premium policies sold[3]. With over US$80 million in Annual Recurring Revenue (“ARR”)[4] and more than 100% year-over-year growth, Bowtie is on track to exceed US$100 million ARR by 2025; In just six years, Bowtie has provided over US$16 billion in total protection amount for families in Hong Kong. Recognized as a top high-growth company in Asia by the Financial Times[5] and ranked number one in Hong 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,” said Michael 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 over US$100 million in protection amount per employee, US$500,000 ARR 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.” said Fred 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,” said Clement 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 the Hong Kong health insurance industry.”
This strategic investment will enable Bowtie to achieve ambitious goals, including securing a top 5 position in medical insurance in Hong 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.
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[1]Bowtie Life Insurance Company Limited is Hong Kong’s very first virtual insurer authorized by the Insurance Authority under the fast track pilot scheme. |
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[2]According to Insurance Authority’s Provisional Statistics for Long Term Business 2024, in the fourth quarter of 2024, Bowtie Life ranked first in terms of the number of new individual non-single premium policies sold through Direct channel in Hong Kong. |
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[3]According to Insurance Authority’s Provisional Statistics for Long Term Business 2024, in the fourth quarter of 2024, Bowtie Life ranked in no.9 in terms of the number of new individual non-single premium policies sold through all channels in Hong Kong. |
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[4]Data as of May 2025. |
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[5]Bowtie is recognized by its No.1 ranking in Hong Kong and No. 65 placement in the Financial Times High-Growth Companies Asia-Pacific 2025 list: https://www.ft.com/content/98982fa6-e6cc-4e3d-85b6-fce9adc50252 |
About Bowtie
Bowtie Life Insurance Company Limited is an authorized life insurance company and Hong Kong’s very 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 in Asia. Through digital technology, Bowtie makes health insurance more affordable and accessible for individuals and small-medium enterprises.
To date, Bowtie has raised over HK$1.0 billion from Sun Life Financial and Mitsui & Co., providing more than HK$100 billion in protection amount to families. Learn more at www.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, 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, 2025, Sun Life had total assets under management of C$1.55 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. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.