Sun Life ups stake in Vietnam joint venture

MANILA, Philippines - Sun Life Assurance Co. of Canada and PVI Holdings have agreed to increase the former’s holdings from 49 percent to 75 percent of PVI Sun Life Insurance Co. Ltd. (PVI Sun Life), their joint venture insurance company in Vietnam. PVI Sun Life benefits from both parties by leveraging Sun Life’s global expertise and experience in life insurance and pensions and PVI’s strong Vietnamese brand, reputation, customer base and distribution strengths. Vietnam has been one of the fastest growing economies in Asia in recent years and the life insurance and pensions industry is expected to continue experiencing strong growth. Since its launch in 2013, PVI Sun Life has established itself as the sixth largest life insurance provider and a market leader and industry pioneer in pensions.