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.
About TPBank
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
Media Relations
Contact:
|
Investor Relations
Contact:
|
Rajani
Kamath
|
Leigh
Chalmers
|
Associate
Vice-President
|
Senior
Vice-President, Head of Investor
|
Corporate
Communications
|
Relations &
Capital Management
|
T.
416-979-6070
|
T.
647-256-8201
|
Rajani.Kamath@sunlife.com
|
investor.relations@sunlife.com
|
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SOURCE Sun Life Financial Inc.