Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

PVI Sun Life Receives Licence for Life Insurance Operations



         PVI Sun Life Receives Licence for Life Insurance Operations

PR Newswire

HANOI, VIETNAM , Jan. 28, 2013

Ministry of Finance grants PVI Sun Life Licence for Establishment and
Operation # 68 GP/KDBH with charter capital of VND1,000 billion

HANOI, VIETNAM , Jan. 28, 2013 /PRNewswire/ - PVI Sun Life Insurance Company
Limited (PVI Sun Life), the joint-venture life insurance company formed by PVI
Holdings (HNX: PVI) and Sun Life Assurance Company of Canada (Sun Life), a
wholly-owned subsidiary of Sun Life Financial Inc. (TSX/NYSE: SLF), has
received regulatory approval from the authorities in both Vietnam and Canada.
The Ministry of Finance of Vietnam issued the Licence # 68 GP/KDBH for Life
Insurance Operations on January 24, 2013. PVI Sun Life will have a charter
capital of VND 1,000 billion (approx. C$48 million). PVI owns 51 per cent of
the company, and Sun Life the remaining 49 per cent.

PVI Sun Life is focused  on delivering the best  products and services to  its 
customers to allow them to achieve  a brighter financial future. PVI Sun  Life 
completes PVI's insurance business  network, and delivers  on PVI's long  term 
strategy. The joint venture further demonstrates Sun Life's deep commitment to
growing its business in Asia.

"The formation of PVI Sun Life further expands Sun Life Financial's footprint
in Asia and is aligned with our growth strategy for Sun Life overall. PVI Sun
Life will deliver a suite of innovative life insurance products to customers
in Vietnam through multiple sales channels, and it aims to become a market
leader in the sector," said Kevin Strain, President, SLF Asia.

"The creation of PVI Sun Life is a perfect complement to our already strong,
general insurance business in Vietnam," said Bui Van Thuan, CEO of PVI. "We
are confident that this new joint venture business will become a real leader
in the life insurance industry in Vietnam," he added.

PVI Sun Life will benefit from the excellent reputation and brand of PVI in
Vietnam, as well as its strong customer base, extensive infrastructure and
quality people. Sun Life brings with it 150 years of experience in the life
insurance space, including experience in the Asian market that dates back to
1892. Sun Life will contribute its global life insurance expertise,
particularly in the areas of actuarial, risk management and distribution
management to the joint venture.

"Receiving regulatory approval in only eight months is a significant milestone
for PVI Sun Life and we are looking forward to offering people across Vietnam
top-tier insurance products and services in the very near future," said Bui
Van Thuan, CEO, PVI.

Vietnam's life insurance market is poised for growth, providing an excellent
opportunity for PVI Sun Life. While the country has been one of the fastest
growing economies in Asia in recent years, only five per cent of the
population currently has life insurance coverage.

About PVI Holdings (PVI)

PVI is one of the major Vietnamese Investment-Insurance groups, with
subsidiaries focused on various business lines including general insurance,
reinsurance, life insurance and other financial services. In 2012, PVI
generated gross premium of US$220 million; total revenue growth was 11 per
cent year-on-year, over target of the year. PVI currently enjoys a 21.8 per
cent market share of the non-life insurance market, making it the leading
non-life insurer in Vietnam. For details please visit www.pvi.com.vn.

About Sun Life Financial

Sun Life Assurance Company of Canada is a wholly owned subsidiary of Sun Life
Financial Inc. and is a member of the Sun Life Financial group of companies.

Sun Life Financial is a leading international financial services organization
providing a diverse range of protection and wealth accumulation products and
services to individual and corporate customers. Chartered in 1865, Sun Life
Financial and its partners today have operations in key markets worldwide,
including Canada, the United States, the United Kingdom, Ireland, Hong Kong,
the Philippines, Japan, Indonesia, India, China and Bermuda. As of September
30, 2012, the Sun Life Financial group of companies had total assets under
management of C$515 billion. Sun Life Financial Inc. trades on the Toronto
(TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker
symbol SLF. For more information please visit www.sunlife.com.

SOURCE Sun Life Financial Inc.

Contact:

Sun Life Financial:
Media Relations Contact:
Frank Switzer
Vice-President, Corporate Communications
Tel: 416-979-4086
frank.switzer@sunlife.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement