Sun Life Financial Inc. said Thursday it would form a joint venture with Vietnam’s PVI Holdings that will allow Sun Life to sell insurance products in the South Asian country.
Sun Life, Canada’s No. 3 life insurer, said it will own 49 percent of the new entity, PVI Sun Life. Financial details of the transaction were not disclosed.
“The company aims to become a market leader in the sector,” Sun Life said in a statement. It expects the joint venture to commence operations before the end of the year, subject to regulatory approval.
PVI Holdings is a Hanoi-listed subsidiary of state oil and gas group Petrovietnam, and is the leading non-life insurer in Vietnam.
Toronto-based Sun Life is active in at least five Asian countries and has targeted growth in the region under new Chief Executive Dean Connor.
Was this article valuable?
Here are more articles you may enjoy.
Uber and FedEx Get Green Light for Racketeering Suit Against Lawyers, Doctors 
Florida Surplus Lines’ HO Premiums Now Average About the Same as Admitted Market 
Florida Governor Signs Bill Dropping Building Permits for Work Valued at $7,500 or Less 
Brown & Brown Wins Temporary Injunction Against Howden 
