TORONTO, Nov. 18, 2020 /PRNewswire/ - Sun Life Financial
Inc. (TSX: SLF) (NYSE: SLF) announced today that its subsidiary Sun
Life Vietnam Insurance Company Limited (Sun Life Vietnam) and Asia
Commercial Joint Stock Bank (ACB) have formed a 15-year exclusive
bancassurance partnership in Vietnam.
Launching January 1, 2021, the
partnership combines ACB's extensive distribution network of 371
branches with Sun Life Vietnam's competitive and comprehensive life
insurance solutions. It will give ACB's fast-growing base of over
3.6 million Clients access to a comprehensive range of innovative
insurance solutions at different life stages.
The partnership significantly expands Sun Life's distribution
capabilities, supporting its ambition to be a leader in
Asia through distribution
excellence in higher growth markets. Sun Life Vietnam achieved
sales growth of 47% over the 12 months ending September 30, 2020, compared to the same period
last year, with a focus on offering a comprehensive range of
solutions and exceptional Client experiences.
"We're pleased to enter into this partnership with ACB," said
Dean Connor, President and CEO of
Sun Life. "Bancassurance remains a high-growth distribution channel
in Vietnam. Sun Life is committed
to the Vietnam market and this
announcement is another example of Sun Life partnering to meet the
evolving and changing needs of Clients in this region."
"We're thrilled to announce this partnership to help millions
more Clients in Vietnam achieve
lifetime financial security and live healthier lives with Sun
Life," said Léo Grépin, President of Sun Life Asia. "ACB is a
market leader and shares our focus on delivering exceptional Client
experience, leveraging digital and analytics, and providing
innovative solutions. We look forward to working with ACB to secure
a brighter future for their Clients in Vietnam."
Visit www.sunlife.com for slides and more information related to
this announcement.
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, 2020, Sun
Life had total assets under management of $1,186 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 wholly owned by Sun Life. Currently
Sun Life Vietnam has a nationwide network of 62 branches
and customer care centres and supports more than
130,000 Clients, offering life, health and wealth management
solutions. Sun Life Vietnam has achieved multiple awards such
as: The Life Insurance Company with Most Satisfied Clients
announced by IDG Vietnam; Top 10 most reputable insurance companies
in Vietnam announced by Vietnamnet
& Vietnam report; "Best Life
Insurance Solutions Provider – Vietnam 2018, 2019" by the International
Finance Magazine (IFM).
About Asia Commercial Joint Stock Bank
Asia Commercial
Bank (ACB) is one of Vietnam's
largest private sector bank, operating 371 branches and serving
over 3.6 million active customers in Vietnam. The bank focuses on Consumer and SME
segments and has strong deposit mobilization capability. As at
September 30, 2020, the bank
maintained a balance sheet of over US$18
billion, which has doubled since 2015.
Notes to Editors:
All figures in Canadian dollars,
unless stated otherwise.
Media Relations
Contacts:
|
Investor Relations
Contact:
|
Rajani
Kamath
|
Leigh
Chalmers
|
Associate
Vice-President
|
Senior
Vice-President, Head of Investor
|
Corporate
Communications
T.
416-979-6070
|
Relations &
Capital Management
T.
647-256-8201
|
Rajani.Kamath@sunlife.com
|
investor.relations@sunlife.com
|
|
|
Sarah
James
|
|
Head of
Communications, Asia
|
|
T: +852 6021
5797
|
|
Sarah.james@sunlife.com
|
|
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SOURCE Sun Life Financial Inc.