Sun Life Financial subsidiary, TPBank enter 15-year bancassurance partnership
Sun Life Financial announced that its subsidiary Sun Life Vietnam and Tien Phong Commercial Bank, or TPBank, have formed a 15-year bancassurance partnership in Vietnam. The agreement combines TPBank's distribution network with Sun Life Vietnam's life insurance products, giving 2.5M TPBank customers access to a comprehensive range of innovative insurance solutions. Bancassurance is a distribution channel for life insurance in Vietnam. Under the agreement, Sun Life will make an initial payment of approximately $100M, which the company intends to fund with internal resources. This initial payment will be amortized over 15 years. There will also be ongoing, variable payments, based on the success of the bancassurance partnership.