The partnership will combine ACB’s wide-ranging distribution network with Sun Life Vietnam's life insurance solutions
Sun Life global headquarters in Toronto, Canada. (Credit: DXR/Wikipedia.)
Sun Life Financial, through its subsidiary Sun Life Vietnam Insurance, has entered into a 15-year exclusive bancassurance partnership with Asia Commercial Joint Stock Bank (ACB) in Vietnam.
Effective from 1 January 2021, the partnership aims to combine the ACB’s wide-ranging distribution network of 371 branches with Sun Life Vietnam’s life insurance solutions.
Also, the partnership is expected to provide ACB’s client base of more than 3.6 million with access to a complete range of insurance solutions at different life stages.
Sun Life said that the partnership would significantly expand its distribution capabilities, and support its goal of strengthening its footprint in Asia.
Sun Life president and CEO Dean Connor said: “We’re pleased to enter into this partnership with ACB. 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.”
ACB is a large-scale private sector bank, operating 371 branches and serving over 3.6 million active customers in Vietnam.
Sun Life Vietnam is a wholly-owned by Sun Life, operating through a nationwide network of 62 branches and customer care centres.
The firm is currently serving more than 130,000 clients, offering life, health and wealth management solutions. It has booked 47% growth in sales for one year ending 30 September 2020, compared to the same period last year.
Sun Life Asia president Léo Grépin said: “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.
“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.”
In November 2019, Sun Life Vietnam has entered into a 15-year bancassurance partnership with TienPhong Commercial Bank (TPBank) in Vietnam.