In a drive to expand its distribution footprint, Sun Life Vietnam has entered into a 15-year bancassurance partnership with Tien Phong Commercial Bank (TPBank) in Vietnam. The newly-signed agreement provides 2.5m TPBank customers access to a range of insurance solutions.
This is the first bancassurance deal for the insurer in the country. Under the agreement, it will make an initial payment of approximately $100m which will be remunerated over 15 years.
Sun Life intends to fund the payment with internal resources. Based on the success of the bancassurance partnership, there will also be ongoing and variable payments.
Sun Life Vietnam has a nationwide network of 55 branches and customer care centres. Meanwhile, TPBank is a Vietnamese bank that was founded in 2008 in cooperation with the Bank for Investment and Development of Vietnam and Citibank.