PVI Sun Life Insurance has received regulatory approval from both Vietnam and Canada regulators to operate its life insurance business in Vietnam.

Set up as a joint venture (JV) between PVI with 51% stake and Sun Life Assurance Company of Canada (Sun Life) with 49% stake, the company will have a charter capital of VND1000bn ($48m).

The JV will offer insurance products and services to its customers by leveraging PVI’s insurance business network, customer base, extensive infrastructure and quality people, the company said.

Operating in Asian market since 1892, Sun Life will offer its global life insurance expertise, mainly in actuarial, risk management and distribution management to the JV.

Commenting on the formation of JV, SLF Asia president Kevin Strain said, "PVI Sun Life will deliver a suite of innovative life insurance products to customers in Vietnam through multiple sales channels, and it aims to become a market leader in the sector."

PVI, through its subsidiaries, concentrates on numerous business lines such as general insurance, reinsurance, life insurance and other financial services in Vietnam.

Sun Life Assurance Company of Canada is a wholly owned subsidiary of Sun Life Financial, which operates in Canada, the US, the UK, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda.