20:31 | 10/11/2016 Companies
(VEN) - November 9, Sun Life Financial Inc. (TSX/NYSE: SLF) (“Sun Life”) announced the completion of the acquisition of the remaining 25% charter capital of PVI Sun Life Insurance Company Limited (“PVI Sun Life”) from PVI Holdings following receipt of regulatory approval.
In addition, Sun Life is proud to announce the renaming of PVI Sun Life to Sun Life Vietnam Insurance Company Limited (“Sun Life Vietnam”) to reflect its new status as a wholly owned subsidiary of Sun Life.
“We are delighted to achieve sole ownership of our business here in Vietnam and at the same time announce our new corporate name,” said Larry Madge, General Director, Sun Life Vietnam. “Moving forward as Sun Life Vietnam and with PVI Holdings as our distribution partner, we will continue our commitment to help our Vietnamese clients achieve lifetime financial security by offering a strong suite of life insurance, health riders and savings products.”
This transaction will add to Sun Life’s momentum in Vietnam. Since it launched in 2013, Sun Life Vietnam has established itself as the country’s sixth largest life insurance provider and a market leader and industry pioneer in pensions.
Clients of Sun Life Vietnam do not need to take any action. The terms and conditions of all current insurance contracts will not be changed due to the transaction or the rebranding.