PVI Sun Life to build on its strong start and continue
growing in step with Vietnam by
leveraging Sun Life Financial's global expertise in life insurance
and pensions and PVI's strong brand and local presence
Sun Life Financial to increase its stake in PVI Sun Life from
49% to 75% by acquiring an additional 26% of the equity in the
Company from PVI Holdings
TORONTO, Nov. 12, 2015 /PRNewswire/ - Sun Life Assurance
Company of Canada ("Sun Life"), a
wholly owned subsidiary of Sun Life Financial Inc. (TSX/NYSE: SLF)
and PVI Holdings (HNX: PVI, "PVI") today announced an agreement
whereby Sun Life will increase its equity ownership in PVI Sun Life
Insurance Company Limited ("PVI Sun Life" or the "Company"), their
joint venture insurance company in Vietnam, from 49% to 75% by acquiring from PVI
an additional 26% of the charter capital of the Company. The
transaction is subject to regulatory approvals in Vietnam and Canada and is expected to close in the first
quarter of 2016.
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.
"As we increase our ownership in PVI Sun Life, we look forward
to further sharing Sun Life's enterprise and regional Asian
expertise and capabilities with the Company," said Kevin Strain, President of Sun Life Financial
Asia. "We are also delighted to continue our successful partnership
with PVI. We view this investment as a confirmation of our
long-term commitment to PVI and to Vietnam. We are committed to helping the
Vietnamese people achieve lifetime financial security by offering a
strong suite of insurance and wealth management products."
"PVI is pleased to be continuing its successful partnership with
Sun Life and will remain deeply involved in PVI Sun Life both as a
strategic investor and as a distribution partner," said
Bui Van Thuan, CEO of PVI.
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.
Terms of the transaction were not disclosed.
Forward-Looking Statements
In this Forward-Looking Statements section, "we", "our" and "us"
refers to Sun Life Financial Inc. and its subsidiaries, joint
ventures and associates.
Certain statements in this news release are forward-looking,
including, but not limited to, (1) the expectation that PVI Sun
Life will enter into an exclusive distribution agreement with PVI,
(2) the expectation that PVI will remain a strategic shareholder in
PVI Sun Life, (3) the growth prospects of the life insurance and
pensions industries in Vietnam,
(4) the expected source of funding for the transaction, and (5)
other statements that are not historical or that are predictive in
nature or that depend upon or refer to future events or conditions.
All such forward-looking statements are made pursuant to the "safe
harbour provisions" of applicable Canadian securities laws and of
the United States Private Securities Litigation Reform Act of 1995.
The forward-looking statements in this news release represent our
current expectations, estimates and projections regarding future
events as of the time of this news release and are not historical
facts. These forward-looking statements are not a guarantee of
future performance and involve risks and uncertainties and are
based on key factors and assumptions that are difficult to predict,
including, but not limited to, the assumption that the transaction
will be completed.
Except as may be required by applicable securities laws, we do
not undertake any obligation to update or revise any
forward-looking statements contained in this news release.
Forward-looking statements are presented to assist investors and
others in understanding our expected financial position and results
of operations as at the date of this news release, as well as our
objectives for the transaction, strategic priorities and business
outlook following the transaction, and in obtaining a better
understanding of our anticipated operating environment following
the transaction. Readers are cautioned that such forward-looking
statements may not be appropriate for other purposes and undue
reliance should not be placed on these forward-looking
statements.
Information about risk factors relating to us can be found in
the annual information form of Sun Life Financial Inc. for the year
ended December 31, 2014 under the
heading "Risk Factors" and other regulatory filings filed or
furnished to Canadian and U.S. securities regulators available at
www.sedar.com and www.sec.gov.
About PVI Sun Life
In March 2013, PVI Sun Life Insurance
Company Limited was founded by JSC PVI (PVI Holdings) and Sun Life.
With the combined strengths of PVI - successful insurers in
Vietnam - and the leading and
global experience of Sun Life in the field of life insurance, PVI
Sun Life aims to provide financial solutions to help our customers
enjoy a secure and brighter future.
Since its launch, PVI Sun Life has already established itself as
the 6th largest life insurance provider and a market leader and
industry pioneer in pension. For details please visit
www.pvisunlife.com.vn.
About Sun Life Financial
Celebrating 150 years in 2015, Sun Life Financial is a leading
international financial services organization providing a diverse
range of protection and wealth products and services to individuals
and corporate customers. Sun Life Financial and its partners have
operations in a number of markets worldwide, including Canada, the United
States, the United Kingdom,
Ireland, Hong Kong, the
Philippines, Japan,
Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2015, the Sun Life Financial group
of companies had total assets under management of $846 billion. For more information please visit
www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to Editors: All figures in Canadian
dollars.
SOURCE Sun Life Financial Inc.