Asian News - Vietnam: Sun Life Financial to increase its stake in PVI Sun Life to 75%
Source: Asia Insurance Review | Dec 2015
Sun Life Assurance Company of Canada and PVI Holdings of Vietnam have reached an agreement whereby Sun Life will increase its equity ownership in PVI Sun Life Insurance, their Vietnamese insurance joint venture from 49% to 75%.
Sun Life will acquire from PVI an additional 26% of the charter capital of the joint venture. The transaction is subject to regulatory approvals in Vietnam and Canada and is expected to close in the first quarter of 2016. The terms of the transaction were not disclosed. PVI Sun Life benefits from both parties by leveraging Sun Life’s global expertise and experience in life insurance and pensions and PVI’s strong Vietnamese brand, reputation, customer base and distribution strengths.
“As we increase our ownership in PVI Sun Life, we look forward to further sharing Sun Life’s enterprise and regional Asian expertise and capabilities with the company,” said Mr Kevin Strain, President of Sun Life Financial Asia. “We view this investment as a confirmation of our long-term commitment to PVI and to Vietnam. We are committed to helping the Vietnamese people achieve lifetime financial security by offering a strong suite of insurance and wealth management products.”
“PVI is pleased to be continuing its successful partnership with Sun Life and will remain deeply involved in PVI Sun Life both as a strategic investor and as a distribution partner,” said Mr Bui Van Thuan, CEO of PVI. 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.