Sun Life Financial hopes to become a market
leader in Vietnam after agreeing a joint venture with Vietnamese
insurer PVI Holdings.
The companies announced the new entity, PVI
Sun Life Insurance Company. PVI will own 51% of PVI Sun Life and
Sun Life will own the remaining 49% stake.
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Both players said they intend to harness PVI’s
brand name and client base in Vietnam allied with Sun Life’s
experience and expertise.
Dean Connor, president and CEO, Sun Life
Financial, described the initiative as a “great opportunity” and
said: “We are also delighted to add Vietnam to our growing
footprint in Asia, which we see as a meaningful contributor to Sun
Life’s future growth and success. With PVI, we feel confident that
we have the right partner to become a market leader in
Vietnam.”
Nguyen Anh Tuan, chairman of PVI Holdings,
said: “PVI Sun Life completes PVI Holdings’ insurance business
network, and delivers on our long term strategy.”
Vietnam’s potential
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By GlobalDataPVI’s chairman added: “Vietnam’s life
insurance market has great potential and through PVI Sun Life we
will be able to provide new products that are unique in the
Vietnamese marketplace”.
PVI recorded a net profit of $15.7m in 2011
compared to $14.2m in 2010.
Sun Life Financial and its partners currently
have operations in several Asian markets including Hong Kong, the
Philippines, Japan, Indonesia, India and China.
