HCMC – Sun Life Vietnam Insurance Company Limited (Sun Life Vietnam) has entered into a 15-year exclusive bancassurance partnership with the Asia Commercial Joint Stock Bank (ACB) to provide life insurance products to the bank’s customers by combining ACB’s extensive distribution network of 371 branches in 48 provinces and cities with Sun Life Vietnam’s comprehensive life insurance solutions and client care.
The partnership, which is expected to begin on January 1 next year, will give ACB’s fast-growing base of 3.6 million clients access to a comprehensive range of innovative insurance solutions for clients at different life stages.
“We’re thrilled to announce this partnership to help millions of more clients in Vietnam achieve lifetime financial security and live healthier lives with Sun Life,” said Léo Grépin, president of Sun Life Asia.
Larry Madge, CEO of Sun Life Vietnam, stated, “ACB is a leader in Vietnamese banking and shares our focus on delivering an exceptional client experience, leveraging digital technology and analytics and providing innovative solutions. We look forward to working with ACB to secure a brighter future for their clients in Vietnam.”
Tran Hung Huy, chairman of ACB, observed, “ACB takes a long-term view in selecting our exclusive bancassurance partner and we are excited to start the 15-year journey with Sun Life to bring the full suite of financial services to our customers.”
The local market has great growth potential for insurance due to low penetration rates and an emerging middle class. Accordingly, the bancassurance business has been growing extremely quickly over the last several years and now contributes almost 30% of total life insurance sales. The partnership between Sun Life and one of Vietnam’s largest commercial banks is part of Sun Life’s long-term strategy to grow its distribution capacity, supported by bancassurance.