PVI Sun Life Receives Licence for Life Insurance Operations

Ministry of Finance grants PVI Sun Life Licence for Establishment and Operation # 68 GP/KDBH with charter capital of VND1,000 billion

PVI Sun Life Insurance Company Limited (PVI Sun Life), the joint-venture life insurance company formed by PVI Holdings (HNX:PVI) and Sun Life Assurance Company of Canada (Sun Life), a wholly-owned subsidiary of Sun Life Financial Inc. (TSX/NYSE: SLF), has received regulatory approval from the authorities in both Vietnam and Canada. The Ministry of Finance of Vietnam issued the Licence # 68 GP/KDBH for Life Insurance Operations on January 24, 2013. PVI Sun Life will have a charter capital of VND 1,000 billion (approx. C$48 million). PVI owns 51 per cent of the company, and Sun Life the remaining 49 per cent.

PVI Sun Life is focused on delivering the best products and services to its customers to allow them to achieve a brighter financial future. PVI Sun Life completes PVI's insurance business network, and delivers on PVI's long term strategy. The joint venture further demonstrates Sun Life's deep commitment to growing its business in Asia.

"The formation of PVI Sun Life further expands Sun Life Financial's footprint in Asia and is aligned with our growth strategy for Sun Life overall. PVI Sun Life will deliver a suite of innovative life insurance products to customers in Vietnam through multiple sales channels, and it aims to become a market leader in the sector," said Kevin Strain, President, SLF Asia.

"The creation of PVI Sun Life is a perfect complement to our already strong, general insurance business in Vietnam," said Bui Van Thuan, CEO of PVI. "We are confident that this new joint venture business will become a real leader in the life insurance industry in Vietnam," he added.

PVI Sun Life will benefit from the excellent reputation and brand of PVI in Vietnam, as well as its strong customer base, extensive infrastructure and quality people. Sun Life brings with it 150 years of experience in the life insurance space, including experience in the Asian market that dates back to 1892. Sun Life will contribute its global life insurance expertise, particularly in the areas of actuarial, risk management and distribution management to the joint venture.

"Receiving regulatory approval in only eight months is a significant milestone for PVI Sun Life and we are looking forward to offering people across Vietnam top-tier insurance products and services in the very near future," said Bui Van Thuan, CEO, PVI.

Vietnam's life insurance market is poised for growth, providing an excellent opportunity for PVI Sun Life. While the country has been one of the fastest growing economies in Asia in recent years, only five per cent of the population currently has life insurance coverage.