2012-06-22 14:31:35 - Sun Life Assurance and PVI Holdings team up
Sun Life Assurance Company of Canada, and PVI Holdings have teamed up to form a joint venture life insurance company, PVI Sun Life Insurance Company Limited. The joint venture is expected to begin operations by the end of 2012, once regulatory approvals across Canada and Vietnam have been met.PVI Sun Life is aiming to become a market leader in the sector through the deliver of a suite of innovative life insurance products to customers in Vietnam through multiple sales channels.Mr. Nguyen Anh Tuan, Chairman of PVI Holdings, said, "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."The Vietnamese company will take on
51% of PVI Sun Life, with Sun Life Financial taking control of the remaining 49%. Both companies bring to the partnership a wealth of knowledge and experience throughout their sectors. PVI has an excellent reputation and brand across Vietnam as well as a strong customer base, extensive infrastructure and quality people. Sun Life Financial brings with it 150 years of experience and know-how in the life insurance space, including experience in the Asian market that dates back to 1892. "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," said Dean Connor, President and CEO, Sun Life Financial.While Vietnam has been one of the fastest growing economies in Asia in recent years, only five per cent of the population currently has life insurance coverage, meaning the life insurance market is poised for growth, providing an excellent opportunity for PVI Sun Life. For more information on the life insurance market in Vietnam, see the latest research: Vietnam Life Insurance MarketFollow us on Twitter @CandMResearch
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