Sun Life forms 15-year distribution agreement in Vietnam
Sun Life Financial announced Nov. 18 that its subsidiary, Sun Life Vietnam Insurance Company Limited has formed a 15-year exclusive bancassurance partnership with the Asia Commercial Joint Stock Bank (ACB).
The deal will see the company’s life insurance solutions distributed through ACB’s 371 branches in Vietnam. “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 company said in a statement announcing the partnership. “ACB is a market leader and shares our focus on delivering exceptional client experience, leveraging digital and analytics, and providing innovative solutions,” says Sun Life’s president of Sun Life Asia, Léo Grépin. “We look forward to working with ACB.”
Although Sun Life does not mention its Vietnamese operations in its most recent shareholder report, in its statement announcing the ACB partnership, the company says Sun Life Vietnam has a network of 62 branches. The division achieved sales growth of 47 per cent over the 12 months ending Sept. 30, 2020.