New partnership for Sun Life in VietnamBy The IJ Staff | November 26 2019 01:30PM
Sun Life Vietnam Insurance Company Limited and Tien Phong Commercial Bank (TPBank) have formed a 15-year bancassurance partnership in Vietnam.
The agreement combines TPBank's distribution network with Sun Life Vietnam's life insurance products, giving 2.5 million TPBank customers access to a range of insurance solutions.
The bancassurance partnership contributes to the company's strategic priority to be a leader in Asia through distribution excellence in higher growth markets, the company said in a news release.
"We're very excited to partner with TPBank, a digital leader in Vietnamese banking," said Léo Grépin, president of Sun Life ASEAN. "This bancassurance partnership demonstrates our focus on expanding our distribution network with world-class partners that share our goal of constant innovation. We look forward to working with TPBank to secure a brighter future for their customers in Vietnam."
Under the 15-year agreement, Sun Life will make an initial payment of about $100 million, which the company intends to fund with internal resources, amortized over the life of the agreement. There will also be ongoing, variable payments, based on the success of the bancassurance partnership.
Sun Life Vietnam is a subsidiary of Toronto-based Sun Life Financial.