Canadian-owned Sun Life Assurance Company increases its stake in PVI Sun Life Insurance Company Ltd from 49 per cent to 75 per cent. — Photo VNS

HCM CITY (Biz Hub) – Canadian-owned Sun Life Assurance Company has increased its stake in PVI Sun Life Insurance Company Ltd from 49 per cent to 75 per cent.

On Thursday it signed an agreement with PVI Holding (PVI) to acquire 26 per cent, and the deal is expected to be closed in the first quarter of 2016 following regulatory approvals in Viet Nam and Canada.

Kevin Strain, president of Sun Life Financial Asia said: "As we increase our ownership in PVI Sun Life, we look forward to further sharing Sun Life's enterprise and regional Asian expertise and capabilities with PVI Sun Life.

"We view this investment as a confirmation of our long-term commitment to PVI and to Viet Nam."

PVI Sun Life, launched in March 2013, has established itself as the sixth largest life insurance provider in the country. VNS