PVI Holdings and Sun Life Assurance Company of Canada, has entered into an agreement to establish a joint venture, called PVI Sun Life Insurance Company Limited (PVI Sun Life) to offer innovative life insurance products to customers in Vietnam through multiple sales channels.
The new company has been set up as part of PVI's development strategy, and also to further expands Sun Life Financial's footprint in Asia.
PVI Holdings chairman Nguyen Anh Tuan said the joint venture completes the company's' insurance business network, and delivers its long term strategy.
"Vietnam's life insurance market has great potential and through PVI Sun Life we will be able to provide new products that are unique in the Vietnamese marketplace," Tuan added.
Sun Life Financial Asia president Kevin Strain said: "We believe this partnership will be of tremendous mutual benefit to our companies and, more importantly, will broaden the availability of much-needed financial products and services to the people of Vietnam."
As part of the agreement, PVI will own 51% of PVI Sun Life, while the remaining 49% stake will be owned by Sun Life Financial, who will contribute its global life insurance expertise, particularly in the areas of actuarial, risk management and distribution management to the joint venture.
The joint venture is subjected to regulatory approval in both Canada and Vietnam and is expected to begin operations before the end of 2012.
