Sun Life Vietnam Insurance Company has signed a bancassurance deal with Tien Phong Commercial Bank (TPBank) in Vietnam.

Valid for a period of 15-year, the bancassurance pact will enable Sun Life to distribute its life insurance products through TPBank’s distribution network.

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Pursuant to the terms of the agreement, Sun Life will initially pay nearly $100m, using the fund available with internal resources.

This initial payment will be remunerated for over 15 years. Additionally, Sun Life will also keep paying on-going, flexible payments, based on the outcome of the bancassurance partnership.

Commenting on the agreement, Sun Life ASEAN president Léo Grépin said: “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.”

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Sun Life offers insurance, wealth and asset management services in the Philippines, Japan, Indonesia, Canada, the US, the UK, Ireland, Hong Kong, Australia, Singapore, India, China, Vietnam, Malaysia, and Bermuda.

As of 30 September 2019, the company had $1,063bn as total assets under management.

Last year, Sun Life Financial was reportedly among companies bidding to acquire Hong Kong-based FTLife Insurance Co from Chinese financial firm JD Group.

The proposed deal is expected to value FTLife Insurance at more than $3bn; Bloomberg reported quoting sources familiar with the development.

Apart from Sun Life Financial, other suitors include the Hong Kong conglomerate Chow Tai Fook (Holding) and Asian private equity firm PAG, sources told the publication.

PAG has been engaged in negotiations with investment funds including Singapore sovereign fund GIC Pte to submit a potential joint offer.

JD Capital has urged the competing suitors to submit their offer in second-round bids within the next couple weeks.

Sources further told the news agency that no final decisions have yet been made. The competing bidders may decide against submitting offers, while other suitors could still emerge.

The deal is part of JD Group’s ongoing restructuring plan. It comes at a time when the Chinese government has been cracking down on aggressive overseas investments by privately-owned financial holding firms.

In 2015, JD Capital acquired Belgian insurer Ageas’s Hong Kong Life insurance business in a transaction worth $1.38bn.