Sun Life to increase shares in PVI Sun Life

Friday, Jan 08, 2016 16:15

:Sun Life and PVI Holdings complete a transaction to increase Sun Life's equity ownership in PVI Sun Life Insurance Company Limited. — VNS Photo

HCM CITY (Biz Hub) — The Canadian Sun Life Assurance Company (Sun Life) and PVI Holdings on Friday announced that they had completed a transaction to increase Sun Life's equity ownership in PVI Sun Life Insurance Company Limited, their joint venture insurance company in Viet Nam, from 49 per cent to 75 per cent.

The company is purchasing an additional 26 per cent from PVI, which will continue to own the remaining 25 per cent. The transaction was announced in November 2015 and was completed today, following the receipt of regulatory approval in Viet Nam and Canada.

"Through our increased ownership in PVI Sun Life, we will continue to foster Sun Life's enterprise and regional Asian expertise and capabilities with the company," said Kevin Strain, president of Sun Life Financial Asia.

"Riding on our successful partnership and long-term commitment to PVI and Viet Nam, we are committed to helping the Vietnamese people achieve lifetime financial security by offering a strong suite of insurance and wealth management products," he said.

For PVI Sun Life, this is a significant leap forward that builds on a very successful start and will facilitate the next phase of its growth.

"We will actually further enhance our ability to serve clients and support the development of Viet Nam's life insurance and pension markets by drawing on Sun Life's capabilities. By making use of our two shareholders' respective strengths and with a shared vision to improve the lives of Vietnamese, PVI Sun Life will continue to offer and refine a range of tailor-made financial solutions. And as always, our underlying goal is to help more and more of our customers to achieve lifetime financial security." Michael Elliott, CEO of PVI Sun Life, said.

Since its launch in 2013, PVI Sun Life has established itself as the sixth largest life insurance provider in Viet Nam and a market leader and industry pioneer in pensions. — VNS

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