TORONTO, Nov. 26, 2019 /CNW/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced today that its subsidiary Sun Life Vietnam Insurance Company Limited (Sun Life Vietnam) and Tien Phong Commercial Bank (TPBank) have formed a 15-year bancassurance partnership in Vietnam.
The agreement combines TPBank's distribution network with Sun Life Vietnam's market-leading life insurance products, giving 2.5 million TPBank customers access to a comprehensive range of innovative insurance solutions.
The bancassurance partnership contributes to the company's strategic priority to be a leader in Asia through distribution excellence in higher growth markets. Bancassurance is a promising, high-growth distribution channel for life insurance in Vietnam.
"We're very excited to partner with TPBank, a digital leader in Vietnamese banking," said Léo Grépin, President of Sun Life ASEAN. "This bancassurance partnership demonstrates our focus on expanding our distribution network with world-class partners that share our goal of constant innovation. We look forward to working with TPBank to secure a brighter future for their customers in Vietnam."
This 15-year bancassurance partnership affirms the long-term commitment of TPBank and Sun Life Vietnam to help Clients achieve their financial goals with exceptional banking and insurance solutions.
Under the agreement, Sun Life will make an initial payment of approximately $100 million, which the company intends to fund with internal resources. This initial payment will be amortized over 15 years. There will also be ongoing, variable payments, based on the success of the bancassurance partnership.
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2019, Sun Life had total assets under management of $1,063 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
About Sun Life Vietnam
Sun Life Vietnam is a life insurance company with 100% capital from Sun Life Financial. Currently Sun Life Vietnam has a nationwide network of 55 branches and customer care centres.
Tien Phong Commercial Joint Stock Bank (TPBank) was founded on May 5th 2008. TPBank inherits technological expertise and financial strength from its strategic shareholders including DOJI Gold & Gems Group, FPT Group, Vietnam National Reinsurance Corporation (Vinare), SBI Ven Holding Pte. Ltd (Singapore), IFC International Finance Company (under World Bank) and PYN Elite Fund.
Forward Looking Statements
Certain statements in this news release are forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Information about risk factors relating to Sun Life Financial Inc. can be found in the annual information form of Sun Life Financial Inc. for the year ended December 31, 2018 under the heading "Risk Factors" and other regulatory filings filed with or furnished to Canadian and U.S. securities regulators available at www.sedar.com and www.sec.gov.
Note to editors: All figures in Canadian dollars
SOURCE Sun Life Financial Inc.