Sun Life announces 15-year exclusive bancassurance partnership with Asia Commercial Joint Stock Bank in Vietnam

Rhea-AI Summary

Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) has announced a 15-year exclusive bancassurance partnership with Asia Commercial Joint Stock Bank (ACB) in Vietnam, effective January 1, 2021. This collaboration will enable ACB's 371 branches to distribute Sun Life Vietnam's insurance solutions to over 3.6 million clients. Sun Life Vietnam reported a 47% increase in sales for the year ending September 30, 2020. This partnership reinforces Sun Life's commitment to expanding its distribution capabilities and enhancing customer experience in the fast-growing Vietnamese market.

Positive

• Formation of a 15-year exclusive bancassurance partnership with ACB, enhancing distribution network.
• Access to ACB's 3.6 million clients for comprehensive insurance solutions.
• 47% sales growth for Sun Life Vietnam for the year ending September 30, 2020, indicating strong market performance.

Negative

• None.

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.

FAQ

What was the recent partnership announcement involving SLF?

Sun Life Financial announced a 15-year exclusive bancassurance partnership with Asia Commercial Joint Stock Bank in Vietnam.

When does the partnership between SLF and ACB start?

The partnership will launch on January 1, 2021.

How many clients will benefit from SLF's partnership with ACB?

The partnership will provide access to over 3.6 million clients of Asia Commercial Bank.

What sales growth did SLF Vietnam achieve recently?

Sun Life Vietnam reported a sales growth of 47% for the 12 months ending September 30, 2020.