Sun Life and Asia Commercial Joint Stock Bank (ACB) have signed a 15-year exclusive bancassurance partnership in Vietnam.
The partnership will launch on January 01, 2021 and will give Sun Life access to ACB’s distribution network of 371 branches across Vietnam, bringing a range of life insurance solutions to the bank’s more than 3.6 million clients.
Vietnam has an emerging middle class and low insurance penetration, which provides significant growth potential for insurers. According to Sun Life, bancassurance has grown extremely quickly in recent years and now contributes close to 30% of total life insurance sales. The partnership is part of the insurer’s long-term strategy to grow its distribution capacity, supported by the bancassurance model.
“We’re thrilled to announce this partnership to help millions more clients in Vietnam achieve lifetime financial security and live healthier lives with Sun Life,” said Léo Grépin, president of Sun Life Asia.
“ACB is a leader in Vietnamese banking and shares our focus on delivering exceptional client experience, leveraging digital and analytics, and providing innovative solutions,” added Larry Madge, CEO of Sun Life Vietnam “We look forward to working with ACB to secure a brighter future for their clients in Vietnam.”
