Sun Life Assurance buys out PVI stake
Sun Life Assurance buys out PVI stake
Canada's Sun Life Assurance Company has bought out PVI Holdings' 25 per cent stake in PVI Sun Life Insurance Company Limited to increase its ownership to 100 per cent.
But the companies will maintain their close relationship with PVI continuing as a Sun Life distribution partner.
The transaction is expected to be wrapped up in the fourth quarter of this year, subject to required regulatory approvals and customary closing conditions.
"We have enjoyed a successful partnership with PVI since establishing the business together and look forward to continuing a close working relationship with them as our distribution partner," Kevin Strain, president of Sun Life Financial Asia, said.
"We have great momentum in Viet Nam and remain committed to helping our Vietnamese clients achieve lifetime financial security by offering a strong suite of insurance and wealth management products."
Viet Nam has been one of the fastest growing economies in Asia in recent years and the life insurance and pensions industry is expected to continue experiencing strong growth.
Since its launch in 2013 PVI Sun Life has established itself as the country's sixth largest life insurance provider and a market leader and industry pioneer in pensions.
