Thu. Apr 18th, 2024

New insurance joint venture hits Ha Noi

HA NOI (VNS)— PVI Sun Life Insurance Co Ltd, a joint venture between Vietnamese insurer PVI Holdings and its Canadian partner Sun Life Financial, launched yesterday in Ha Noi after nearly two months with a licence.

PVI Sun Life has a charter capital of VND1 trillion (US$47.6 million). PVI Holdings owns 51 per cent of the company, while Sun Life holds the remainder and its vice president and chief finance officer in Asia – Steve Lorenz – is the CEO.

Nguyen Anh Tuan, chairman of the Ha Noi Stock Exchange-listed company, said PVI Sun Life would benefit from the Canadian firm’s expertise in risk management and distribution management as well as technology.

“We were fortunate to find such a strong partner as PVI,” said Sun Life’s president and CEO Dean Conner.

Prior to its co-operation with Sun Life, PVI Holdings partnered with German insurance group Talanx and Oman Investment Fund.

“With the support of Sun Life Financial, I think Viet Nam will have an international-scale business in the non-life insurance sector,” Tuan said.

Credit rating agency AMBest rated the financial capacity of PVI Holdings B+ (Good) and assigned an A+ (Superior) to Sun Life Financial.

Speaking at the launching ceremony yesterday, Deputy Prime Minister Vu Van Ninh noted that this year marked the 40th anniversary of the relationship between the two nations.

“Our government welcomes investors who come for the long term,” Ninh said. Many enterprises from Canada had expanded in Viet Nam, he added, and PVI Sun Life was the 15th non-life insurance business licensed in the country.

“Viet Nam is a potential destination for insurers with a population of over 90 million people and a low level of using non-life insurance services,” he said.

PVI Holdings (formerly PetroVietnam Insurance Corporation) is one of the major Vietnamese investment insurance groups, with subsidiaries focusing on various business lines including general insurance, reinsurance, life insurance and other financial services. — VNS

By vivian