Hong Kong’s healthcare insurance landscape continues to evolve as digital platforms seek to address coverage gaps in the region. Bowtie Life Insurance Company Limited, the city’s first virtual insurer, has announced securing up to US$70 million in Series C funding led by Sun Life Hong Kong Limited, marking what the companies describe as the largest funding round for digital health insurers in Asia with a direct-to-consumer model.
Key Points
- The funding round, led by Sun Life Hong Kong Limited, provides up to US$70 million to support Bowtie’s expansion in medical insurance and preventive healthcare initiatives
- Bowtie reports over US$80 million in Annual Recurring Revenue with more than 100% year-over-year growth, positioning the company to exceed US$100 million ARR by 2025.
- The company currently ranks first in Hong Kong’s direct insurance channel and ninth across all distribution channels for new individual non-single premium policies sold.
This investment positions Bowtie to pursue expansion in Hong Kong’s medical insurance market while developing preventive healthcare initiatives and exploring international opportunities.
The Data
- Bowtie generates over US$100 million in protection amount per employee and US$500,000 ARR per employee, according to company metrics.
- The company’s Annual Recurring Revenue exceeded US$80 million as of May 2025, with projections to surpass US$100 million by year-end.
- In six years of operation, Bowtie has provided over US$16 billion in total protection amount for Hong Kong families.
- The Financial Times recognized Bowtie as the top high-growth company in Hong Kong and 65th in the Asia-Pacific region for 2025.
- Since its founding, Bowtie has raised over HK$1.0 billion from investors including Sun Life Financial and Mitsui & Co.
Industry Context
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.
Fred Ngan, Co-Founder of Bowtie
The virtual insurer operates under Hong Kong’s Insurance Authority fast track pilot scheme, focusing on digital distribution of health insurance products. Bowtie aims to address what it describes as a health protection gap in Asia through technology-enabled insurance offerings. The company’s approach centers on direct-to-consumer sales channels, eliminating traditional intermediaries to offer what it positions as more affordable and accessible insurance products.
Under the investment agreement, Bowtie will continue operating with its current leadership team as an associated company of Sun Life, maintaining its brand identity and employee base. The funding is intended to support three primary objectives: securing a top 5 position in Hong Kong’s medical insurance market by new customer acquisition, scaling preventive healthcare initiatives, and expanding into international markets. The companies describe their collaboration as combining technology capabilities with insurance expertise to advance Hong Kong’s health insurance sector.
