A subsidiary of Sun Life Financial Inc. has formed a partnership with a bank in Vietnam, Sun Life said in a release on Tuesday.
The Toronto-based firm said its subsidiary Sun Life Vietnam Insurance Company Limited (Sun Life Vietnam) has formed a 15-year bancassurance partnership with Tien Phong Commercial Bank (TPBank) in Vietnam.
The agreement provides TPBank’s network of 2.5-million customers with Sun Life Vietnam’s range of life insurance products.
“This bancassurance partnership demonstrates our focus on expanding our distribution network with world-class partners that share our goal of constant innovation,” said Léo Grépin, president of Sun Life ASEAN, in the release.
Under the agreement, Sun Life will make an initial payment of approximately $100 million to be amortized over 15 years, the release said. Ongoing variable payments will be based on the success of the partnership.