Sun Life Financial increases its stake in PVI Sun Life to 75pc

January 08, 2016 | 16:46

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Sun Life Assurance Company of Canada (Sun Life), a wholly owned subsidiary of Sun Life Financial Inc., and PVI Holdings (PVI) announced today that Sun Life had completed the transaction to increase its equity ownership in PVI Sun Life Insurance Company Limited, its joint venture insurance company in Vietnam, from 49 per cent to 75 per cent.

The transaction was announced in November 2015 and has today closed following the receipt of regulatory approvals in Vietnam and Canada. PVI will continue to own the remaining 25 per cent.

“Through our increased ownership in PVI Sun Life, we will continue to foster Sun Life’s business and regional Asian expertise and capabilities with PVI Sun Life,” said Kevin Strain, president of Sun Life Financial Asia. “Riding on our successful partnership and long-term commitment to PVI and Vietnam, we are committed to helping the Vietnamese people achieve lifetime financial security by offering a strong suite of insurance and wealth management products.”

Michael Elliott, CEO of PVI Sun Life said PVI Sun Life would further enhance its ability to serve clients and support the development of Vietnam’s life insurance and pension markets by drawing on Sun Life’s capabilities.

“By making use of our two shareholders’ respective strengths and with a shared vision to improve the lives of Vietnamese, PVI Sun Life will continue to offer and refine a range of tailor-made financial solutions. And as always, our underlying goal is to help more and more of our customers to achieve lifetime financial security,” he said.

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 and a market leader and industry pioneer in pensions.