In the decade since its arrival in Vietnam, Sun Life has been investing heavily in capital, human resources, technology, services, products, and the customer experience.
Sun Life Vietnam provides financial protection for nearly 240,000 customers, with the total amount of benefit payments recently hitting VND2.6 trillion ($110 million), including almost VND760 billion ($32 million) in 2022 alone.
Along with tailored product solutions, Sun Life believes innovative customer service, such as a welcome letter respectfully written by the poet Vi Thuy Linh, is the key to lasting customer engagement. The insurer also organises many art exhibitions and cultural activities for customers and the community at large.
At the end of 2021, Sun Life Vietnam increased its charter capital from almost $604 million to approximately $692 million, a bold step that not only demonstrated the financial strength of the Canadian financial group, but also asserted the insurer's commitment to bringing a brighter future to customers and the community. The capital increase meant Sun Life became one of the three largest insurance companies by charter capital operating in the Vietnamese market.
With the financial strength and support of its parent company in Canada, Sun Life Vietnam has witnessed comprehensive development in terms of revenue, distribution channels, IT, customer service, and product range.
Sun Life Vietnam has seen remarkable revenue growth, peaking at more than $217 million in 2022, and along with that growth, the insurer is also making effective investments through long-term financial strategies with government and corporate bonds. Sun Life's government bonds have maturities of 10, 15, 20, and 30 years, with interest rates ranging from 2.5 to 8.8 per cent per year.
Meanwhile, the company's corporate bonds have maturities from one to 20 years, with interest rates ranging from 6.6 per cent to 13 per cent per year. Sun Life Vietnam plans to hold these bonds to maturity. This helps the company to have an effective and sustainable annual cumulative dividend for customers.
Sun Life Vietnam is also focussing on investing in programmes for the community. With a commitment to promoting a healthier life in both financial and real-world terms, the company is behind many new and different programmes and activities so that customers can work towards a better future.
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Luc Nhon Ly, general director of Sun Life Vietnam said, "Through financial strength and a commitment to sustainable development in Vietnam, we strive each day to bring innovative solutions in technology, products, services, and marketing to enhance our customers' experience and to successfully fulfill our promise of a brighter future for the community."
Sun Life Vietnam is investing in the quality of its human resources with a focus on developing employees in a safe, open, inclusive and equal-opportunity work environment in a culturally diverse space with respect for all differences.
The initiative 'Sun Bright - The Sun Unleashes Potential' was first introduced by Sun Life in Vietnam in 2022 to find and develop talented students. In the two years since its implementation, the scheme has selected 15 talented people from across many different disciplines. These talents will be honed in the international business environment to develop real competencies, take on challenging roles, and look towards a better future.
With the growth potential of Vietnam's insurance market and business results in the past year, Sun Life is determined to bring innovative products and services to satisfy the increasing demands of customers. This is the commitment of Sun Life - a global brand with a 160-year history.
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Sun Life Vietnam, a local subsidiary of Canada-based financial group Sun Life, has just been approved by the Ministry of Finance to increase its charter capital from VND5.070 trillion ($220.43 million) to VND14.380 trillion ($625.2 million).
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With a history of 160 years operating in many countries, the Canadian insurer set foot in Vietnam 10 years ago with a commitment to sustainable development. Sun Life Vietnam's determination to win over customers is demonstrated through innovative solutions in both technology, building excellent distribution channels and differentiated services to bring optimised experiences to each individual core.