The transaction was previously announced on August 29, 2016. The company said this transaction would help them boost Sun Life’s momentum in Vietnam. The company also noted that the terms and conditions of all current insurance contracts would not be changed due to the transaction or the rebranding.
According to President of Sun Life Financial AsiaKevin Strain, Vietnam is one of the fastest growing economies for life insurance and pensions in Asia and this transaction will enable the corporation to strengthen its platform in Asia’s market.
Since it was launched in 2013, Sun Life Vietnam has become the country’s sixth largest life insurance provider and a market leader and industry pioneer in pensions.
Sun Life announced the renaming of PVI Sun Life to Sun Life Vietnam Insurance Company Limited (Sun Life Vietnam) to reflect its new status as a wholly owned subsidiary of Sun Life.
