Canadian joint owner takes over whole PVI Sun Life

August 30, 2016 | 15:06

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PVI Holdings Company (PVI) has agreed to sell its remaining 25 per cent stake in PVI Sun Life Insurance Company Limited (PVI Sun Life) to Sun Life Assurance Company of Canada (Sun Life), increasing the latter’s equity ownership to 100 per cent, according to newswire Tinnhanhchungkhoan.vn.

The transaction will be completed after receiving the authorities’ approval. Accordingly, Sun Life will become the sole owner of PVI Sun Life.

Earlier in January, PVI signed over a 26 per cent stake from PVI Sun Life to Sun Life, increasing Sun Life’s equity ownership from 49 to 75 per cent.

PVI Sun Life, a joint venture between the northern exchange-listed PVI and Sun Life, was launched on the local market on March 15, 2013, with the chartered capital of VND1 trillion ($44.9 million). PVI owned a 51 per cent stake in this joint venture, while the remaining 49 per cent belonged to Sun Life.

Vietnam has been one of the fastest growing economies in Asia in recent years and the life insurance and pensions industry is expected to continue experiencing strong growth. Since its launch in 2013, PVI Sun Life has established itself as the sixth largest life insurance provider in Vietnam, as well as a market leader and industry pioneer in the pensions market.

Sun Life has nearly 150 years of experience in insurance and risk management over Asia and the world. PVI is one of Vietnam’s major insurance groups focusing on various business lines, including general insurance, reinsurance, life insurance, and other financial services.

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