PVI Sun Life receives licence for insurance operations
Ministry of Finance grants PVI Sun Life Licence for Establishment and Operation No. 68 GP/KDBH with charter capital of VND1,000 billion
Hanoi, Vietnam (January 28, 2013) – PVI Sun Life Insurance Company Limited (PVI Sun Life), the joint-venture life insurance company formed by PVI Holdings (HNX: PVI) and Sun Life Assurance Company of Canada (Sun Life), a wholly-owned subsidiary of Sun Life Financial Inc. (TSX/NYSE: SLF), has received regulatory approval from the authorities in both Vietnam and Canada. The Ministry of Finance of Vietnam issued the Licence No. 68 GP/KDBH for Life Insurance Operations on January 24, 2013. PVI Sun Life will have a charter capital of VND 1,000 billion (approx. C$48 million). PVI owns 51 per cent of the company, and Sun Life the remaining 49 per cent.
PVI Sun Life is focused on delivering the best products and services to its customers to allow them to achieve a brighter financial future. PVI Sun Life completes PVI’s insurance business network, and delivers on PVI’s long term strategy. The joint venture further demonstrates Sun Life’s deep commitment to growing its business in Asia.
“The formation of PVI Sun Life further expands Sun Life Financial’s footprint in Asia and is aligned with our growth strategy for Sun Life overall. PVI Sun Life will deliver a suite of innovative life insurance products to customers in Vietnam through multiple sales channels, and it aims to become a market leader in the sector,” said Kevin Strain, President, SLF Asia.
“The creation of PVI Sun Life is a perfect complement to our already strong, general insurance business in Vietnam,” said Bui Van Thuan, CEO of PVI. “We are confident that this new joint venture business will become a real leader in the life insurance industry in Vietnam,” he added.
PVI Sun Life will benefit from the excellent reputation and brand of PVI in Vietnam, as well as its strong customer base, extensive infrastructure and quality people. Sun Life brings with it 150 years of experience in the life insurance space, including experience in the Asian market that dates back to 1892. Sun Life will contribute its global life insurance expertise, particularly in the areas of actuarial, risk management and distribution management to the joint venture.
“Receiving regulatory approval in only eight months is a significant milestone for PVI Sun Life and we are looking forward to offering people across Vietnam top-tier insurance products and services in the very near future,” said Bui Van Thuan, CEO, PVI.
Vietnam’s life insurance market is poised for growth, providing an excellent opportunity for PVI Sun Life. While the country 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.
About PVI Holdings (PVI)
PVI is one of the major Vietnamese Investment-Insurance groups, with subsidiaries focused on various business lines including general insurance, reinsurance, life insurance and other financial services. In 2012, PVI generated gross premium of US$220 million; total revenue growth was 11 per cent year-on-year, over target of the year. PVI currently enjoys a 21.8 per cent market share of the non-life insurance market, making it the leading non-life insurer in Vietnam. For details please visit www.pvi.com.vn.
About Sun Life Financial
Sun Life Assurance Company of Canada is a wholly owned subsidiary of Sun Life Financial Inc. and is a member of the Sun Life Financial group of companies.
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individual and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of September 30, 2012, the Sun Life Financial group of companies had total assets under management of C$515 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. For more information please visit www.sunlife.com.