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).
|Sun Life Vietnam has become one of the largest insurers in Vietnam |
With this capital hike, Sun Life Vietnam has become one of the largest insurers in the country.
According to general director Larry Madge, this fresh source will help the firm strengthen its financial capacity, as well as continue to pursue its goal of helping customers achieve lifetime financial security and enjoy healthier lives.
Moreover, the insurer will lay a focus on developing the best digital experiences for customers, while continuing to expand distribution channels to reach more new customers. The capital hike also demonstrates the firm’s long-term commitment to Vietnam’s burgeoning market.
Sun Life Vietnam is currently one of the life insurance companies with the most diversified distribution channels in the market, which includes financial advisory distribution, direct sales and two exclusive bancassurance with two Vietnamese major lenders.
In December 2020, Sun Life Vietnam formed a 15-year exclusive bancassurance partnership with Asia Commercial Joint Stock Bank (ACB). The bancassurance tie-up is estimated by Vietcombank Securities to be worth $370 million, one of the most remarkable monopoly deals in Vietnam's insurance market this year.
Launching on January 1, 2021, the partnership combines ACB's extensive distribution network of 371 branches with Sun Life Vietnam's competitive and comprehensive life insurance solutions. It will give ACB's fast-growing base of over 3.6 million clients access to an extensive range of innovative insurance solutions at different life stages.
Sun Life also signed an exclusive agreement with Tien Phong Bank at the end of 2019.