Sun Life Vietnam, part of Canadian insurance giant Sun Life, is navigating a sustainable path by offering enduring value to its clients while making contributions to the larger Vietnamese community.
Given the financial foundation of its parent company, Sun Life Vietnam has carved a niche for itself, emerging at the forefront of the Vietnamese life insurance sector based on charter capital, presently pegged at almost $700 million.
As of the end of Q2 in 2023, Sun Life Vietnam has provided financial protection for almost 240,000 clients. Since its market entry nearly a decade ago, the company has disbursed approximately $110 million in benefits.
In 2022 alone, benefits totalling around $32 million were remitted to its clients. Such dedication over the years has not gone unnoticed, with the firm receiving accolades including life insurance company with most satisfied customers from IDG Vietnam, and the top 10 most prestigious life insurers from Vietnam Report in 2021.
The firm also earned an Excellent Workplace certification from the Great Place to Work organisation in both 2022 and 2023.
As per Fortune, Sun Life ranks among the 500 most significant global enterprises. Industry ratings by notable agencies A.M. Best, Moody’s, and Standard & Poor’s have ranked it with A+, Aa3, and AA respectively.
By mid-2023, Sun Life’s asset management portfolio swelled to over $1 trillion, catering insurance and associated services to a clientele of 85 million globally – of which over 25 million are located in Asia.
The firm has also registered sustainable profits, amounting to over $1.3 billion in the first half of 2023 alone.
Sun Life’s footprints in Asia for over 125 years are evident in prominent markets such as the Philippines, Malaysia, Singapore, Indonesia, India, China, and Vietnam, where it made its initial foray in 2013.
In the Asian domain alone, Sun Life reported an insurance premium revenue of $951 million, coupled with an operating profit surpassing $459 million in 2022. The company perceives Asia, Vietnam included, as a strategic pivot, and is poised to fortify its investment and presence.
Benefitting from the support of its Canadian parent, Sun Life Vietnam has channelled millions of dollars into sustainable, holistic advancements spanning distribution, IT, customer service, product portfolios, and brand building. This strategic persistence has seen Sun Life Vietnam enjoy consistent growth over its 10-year tenure in the country.
Starting in 2019, Sun Life Vietnam’s revenue touched approximately $42.2 million. This trajectory continued, hitting $54.9 million in 2020, soaring to $126.6 million in 2021, and eventually amassing to over $219.4 million in 2022. The ascent also witnessed the firm catapulting from 13th to sixth in terms of market share within Vietnam.
Moreover, in 2022, Sun Life Vietnam was the second fastest-growing life insurance entity in the market, with its growth rate quintupling the industry average.
Over its decade-long operations, Sun Life Vietnam has consistently been at the forefront of the voluntary pension insurance market, holding a 73 per cent market share in voluntary pension insurance premiums as of 2022.
The pension fund, under Sun Life Vietnam’s aegis, has consistently yielded an average annual interest rate above 6 per cent, managing in excess of 30,000 retirement accounts for employees spanning a myriad of sectors nationwide.
As of June 2023, Sun Life Vietnam’s total assets soared past $814 million, and assets pertaining solely to the Voluntary Pension Fund managed by Sun Life Vietnam exceeded $130 million.
From 2014 to 2022, Sun Life Vietnam disbursed benefits, encapsulating both retirement and insurance facets, to the tune of nearly $9.7 million.
Additionally, total interest funnelled into retirement accounts surpassed $24 million.
Sun Life Vietnam’s client impact
In its quest for service excellence, Sun Life Vietnam continually combines innovative technological solutions to achieve client impact. Aligned with the prevailing digital transformation winds, Sun Life Vietnam has rolled out digital solutions to bolster operational efficiencies and enhance client value.
A case in point is the Sun Card, an integrated product of insurance information that ensures clients have instant access to contract specifics, irrespective of their location.
In addition, Sun Life Vietnam frequently collaborates with artists spanning diverse disciplines such as poetry, dance, drama, or comedy. Their ventures have encompassed exhibitions and cultural forays in recent times, including LIT – Light On, Under the Sun, and the EVA digital art exhibition, among others.
In a bid to bolster client accessibility, Sun Life Vietnam has expanded its reach, boasting a network of 79 transactional hubs and customer service centres distributed across the nation, thereby streamlining client interactions.
Additionally, its customer care hotline, operational 12 hours a day, seven days a week, offers complimentary guidance to address a spectrum of client queries.
Recognising the robust growth trajectory of the Vietnamese insurance arena and buoyed by its annual performance, Sun Life Vietnam’s leadership aspires to continually innovate, matching the escalating demands of its clientele.
