Asia Commercial Joint Stock Bank (ACB) and Sun Life Vietnam Insurance Co., Ltd. on November 18 announced that they have formed a 15-year exclusive bancassurance partnership in Vietnam.
Launching on January 1, 2021, the partnership combines Asia Commercial Joint Stock Bank's (ACB) extensive distribution network of 371 branches in 48 provinces with Sun Life Vietnam Insurance Co., Ltd.'s (Sun Life Vietnam) competitive and comprehensive life insurance solutions and client care. It will give ACB’s fast-growing base of 3.6 million clients access to a comprehensive range of innovative insurance solutions for clients at different life stages.
|ACB and Sun Life Vietnam will pool their strengths to take the lead in the bancassurance market
“We’re thrilled to announce this partnership to help millions more clients in Vietnam achieve lifetime financial security and live healthier lives with Sun Life,” said Léo Grépin, president, Sun Life Asia.
Larry Madge, CEO, Sun Life Vietnam added that ACB is a leader in Vietnamese banking and shares its focus on delivering exceptional client experience, leveraging digital and analytics, and providing innovative solutions.
“We look forward to working with ACB to secure a brighter future for their clients in Vietnam,” said Madge.
Meanwhile, Tran Hung Huy, chairman, ACB, shared that the bank took a long-term view in selecting its exclusive bancassurance partner and he was excited to start the 15-year journey with Sun Life to bring the full suite of financial services to its customers.”
Do Minh Toan, CEO and president, ACB also commented that Sun Life, with its strong legacy in insurance business globally and strong commitment to Vietnam, and ACB, with execution excellence, will together build a leading bancassurance business in Vietnam.
The Vietnamese market offers significant growth potential for insurance due to low penetration rates and an emerging middle class.
Consequently, bancassurance business has been growing extremely quickly over the last several years and now contributes close to 30 per cent of total life insurance sales.
The partnership between Sun Life and one of Vietnam’s largest commercial banks is part of Sun Life’s long-term strategy to grow its distribution capacity, supported by bancassurance.