Sun Life to ensure financial security and healthier lives

May 30, 2024 | 11:16
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Sun Life Vietnam has increased its charter capital from $647.3 million to $704.7 million, which positions Sun Life among the top three insurers in Vietnam with the largest charter capital, and underscores its strong commitment to long-term investment in the Vietnamese market.
Sun Life to ensure financial security and healthier lives

In recent years, Sun Life Vietnam has developed comprehensively across various areas such as distribution channels, IT, customer service, products, and branding. Since 2019, Sun Life Vietnam has experienced a surge in revenue, reaching nearly $39.3 million, an increase of over $7.8 million compared to 2018.

In 2020, revenue rose to more than $51 million, continuing to climb to $117.8 million in 2021 and over $203 million in 2022. Despite unfavourable market conditions, Sun Life Vietnam’s 2023 revenue exceeded $162.2 million, with a gross profit from its insurance operations of $84.5 million.

As of December 31, 2023, Sun Life Vietnam’s total financial investments had reached nearly $313.8 million, which included $114.7 million in government bonds and $62 million in corporate bonds. These investments comply with the Ministry of Finance’s regulations for investment limits for insurance products.

Additionally, Sun Life Vietnam meets global group standards with an internal credit rating system as per S&P Global standards. By the end of 2023, Sun Life Vietnam’s financial statements showed cash and cash equivalents amounting to more than $86.4 million.

To date, Sun Life Vietnam has paid over $36.6 million in taxes (including personal income tax and contractor tax). In 2023, the company was awarded a certificate of merit for “Achievement in well implementing tax law policies in 2022” by Ho Chi Minh City Tax Department.

Moreover, Sun Life Vietnam has created jobs and incomes for over 560 employees and more than 4,000 advisors. These investments, alongside job creation and tax payments, have significantly contributed to the overall development of the Vietnamese economy.

Strong support from Sun Life Group

Sun Life Vietnam is a member of Sun Life Group, headquartered in Canada, with a history spanning nearly 160 years. Listed among the 500 largest global enterprises by Fortune, Sun Life holds industry-leading financial ratings (AA by Standard & Poor's).

By the end of the first quarter of 2024, Sun Life managed over $1.08 trillion in assets, provided insurance and services to more than 85 million customers, and achieved profits exceeding $2.27 trillion in 2023 and over $600 million in the first quarter of 2024.

Having operated in Asia for over 125 years, Sun Life currently has served more than 28 million customers across markets including Hong Kong, the Philippines, Malaysia, Singapore, Indonesia, India, China, and Vietnam since 2013. The group provides robust support in finance, technology, management, and strategy to Sun Life Vietnam, considering Vietnam a key market with strong, long-term commitments.

Sun Life to ensure financial security and healthier lives

Optimising customer experience

As of December 2023, Sun Life Vietnam had provided financial protection to over 200,000 customers. The company has paid out $131.2 million in compensation and insurance claims in recent years, including more than $27.7 million in 2023 alone.

Sun Life Vietnam has also invested in numerous community programmes, such as the "Finance for Yourself. Be Optimistic for Yourself" campaign, promoting financial literacy and positive financial perspectives for Vietnamese generations. Other initiatives include building basketball courts, organising the "High Hoop Basketball Festival" for children aged 8 to 13 to promote physical activity, and donating 442 basketball hoops and 2,210 balls to 255 schools nationwide. Additionally, the company has awarded hundreds of scholarships to students.

As part of a globally active financial group, Sun Life strives to positively impact its customers daily, helping them achieve financial security and health, while spreading positive values and providing opportunities for their families, friends, and communities. Healthier lives and financial security are Sun Life's core goals, shaping a brighter future for customers, communities, and future generations.

Sun Life's charter capital now among the top three largest in Vietnam Sun Life's charter capital now among the top three largest in Vietnam

Following approval from the Ministry of Finance, Sun Life Vietnam Insurance Company Limited (Sun Life Vietnam) announced on March 29 that the company has recently increased its charter capital from VND16.48 trillion ($660 million) to VND17.94 trillion ($718.6 million).

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By Thanh Van

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