Sun Life Vietnam Insurance Company, a subsidiary of Sun Life Financial, has entered into a 15-year exclusive bancassurance partnership with Asia Commercial Joint Stock Bank (ACB) in Vietnam.
This partnership, which will officially begin in January next year, will utilise ACB’s distribution network of 371 branches to offer Sun Life Vietnam’s life insurance solutions.
Furthermore, it will provide ACB’s 3.6 million clients with access to a range of insurance solutions at different life stages.
The tie-up with ACB is expected will help Sun Life to expand its distribution capabilities and accelerate its growth in Asia.
Sun Life president and CEO Dean Connor said: “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.”
Sun Life Asia president Léo Grépin added: “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.”
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Sun Life Vietnam reported 47% sales growth over the 12 months period ended 30 September 2020, compared to the same period last year.
Last year, the insurer signed bancassurance deal with Vietnam’s Tien Phong Commercial Bank to distribute its life insurance products.
In August this year, Sun Life Financial set up a branch in Singapore to offer life insurance solutions, expanding its footprint in Asia region.