PVI Holdings Company (PVI) has agreed to sell its remaining 25% stake in PVI Sun Life Insurance to its partner, Sun Life Assurance Company of Canada. This acquisition grants the Canadian firm sole ownership of the company. The transaction is still subject to regulatory approval.
In January, a similar deal took place, where PVI sold its 26% stake in PVI Sun Life, increasing Sun Life’s holdings from 49% to 75%.
PVI Sun Life was launched in March 2013, with a chartered capital of US$44.9m. Initially, PVI had a 51% stake in the joint venture, while Sun Life held 49%. Since its launch, PVI Sun Life has become the sixth-largest life insurer in Vietnam. It also commands a sizeable share of the pensions market.
Vietnam’s economy is one of the fastest-growing in Asia, and its life insurance and pensions industry is experiencing similarly strong growth as citizens’ incomes rise.
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