Sun Life Financial Inc. on November 9 announced the completion of the acquisition of the remaining 25 per cent charter capital of PVI Sun Life Insurance Company Limited from PVI Holdings following receipt of regulatory approval.
The transaction was previously announced on 29 August 2016.
In addition, Sun Life renamed PVI Sun Life to Sun Life Vietnam Insurance Company Limited to reflect its new status as a wholly owned subsidiary of Sun Life.
“We are delighted to achieve sole ownership of our business here in Vietnam and at the same time announce our new corporate name,” said Larry Madge, general director of Sun Life Vietnam.
“Moving forward as Sun Life Vietnam and with PVI Holdings as our distribution partner, we will continue our commitment to help our Vietnamese clients achieve lifetime financial security by offering a strong suite of life insurance, health riders and savings products,” he said.
This transaction will add to Sun Life’s momentum in Vietnam. Since it launched in 2013, Sun Life Vietnam has established itself as the country’s sixth largest life insurance provider and a market leader and industry pioneer in pensions.
“Vietnam is one of the fastest growing economies for life insurance and pensions in Asia and this transaction will enable us to strengthen our platform in this market,” said Kevin Strain, president of Sun Life Financial Asia.
“It also forms part of a series of recent investments we have made across the region as Sun Life continues to increase its presence in Asia,” Strain added. “We thank PVI Holdings for their partnership in setting up the business and look forward to working with them as a distribution partner.”
Clients of Sun Life Vietnam do not need to take any action. The terms and conditions of all current insurance contracts will not be changed due to the transaction or the rebranding.