PVI Sun Life CEO: A significant leap forward for our next phase of growth

10:55 | 26/11/2015
One of the recent hottest issues in the life insurance industry has been Sun Life Financial’s move to increase its stake in PVI Sun Life to 75 per cent. Michael Elliott, CEO of PVI Sun Life talked to VIR's Thu Ha about this important deal.
pvi sun life ceo a significant leap forward for our next phase of growth
Michael Elliott - CEO of PVI Sun Life

Congratulation to you and PVI Sun Life on this initiative. Why did the two main shareholders decide to make a shift in the ownership now?

I would say that it’s all about the right timing. Both parties felt that this was the logical next step in the company’s development. Besides, both PVI and Sun Life are very satisfied with the robust growth PVI Sun Life has achieved since it was established two years ago.

With such a strong platform established now, both parties believe that PVI Sun Life is now entering the next phase of its development. To best position the firm for success, they agree that PVI Sun Life would benefit hugely in future from greater exposure to Sun Life’s global expertise and experience in life insurance and pensions, especially in terms of being better able to leverage some of the successful regional initiatives and programmes that the company has developed.

In particular, in terms of the agency channel, PVI Sun Life will benefit from Sun Life’s regional initiative which is aimed at growing the agency force faster and with higher quality. The company will also leverage on Sun Life’s ‘Money for Life’ programme which is all about making sure that our agents develop a tailored solution for each client that matches their needs at different stages of their lives.

For PVI Sun Life, this is a significant leap forward that builds on our very successful start and will facilitate the next phase of our growth.

Do you think it’s too soon for a change in the ownership structure given that the both sides forged the partnership not too long ago?

We feel that it’s the right time for a restructuring and that we’ve witnessed significant growth and changes since we forged the partnership. PVI Sun Life is now the sixth largest life insurance provider in Vietnam as well as a trailblazing market leader in pensions.

We can see the opportunities you are talking about. But to give us a better understanding, what would you say about the thinking behind this deal?

This is an interesting question. Firstly, we aim to enhance our client service capabilities. With Sun Life getting more involved in our day-to-day operations, we will gain greater access to key enterprise solutions, as well as regional platforms and initiatives. At the same time, our sales teams will be able to continue leveraging PVI’s strong Vietnamese brand, reputation, client base and distribution strength.

Meanwhile, the deal will help us in our next phase of development. Our closer collaboration with Sun Life will help boost our operational, marketing, product development, risk management and focus more on sales as well. Our separate distribution agreement with PVI for corporate accounts will also ensure that we continue be a leader in this important distribution channel to drive further growth and we will continue to draw upon PVI’s corporate sales experience and market insights.

Last but not least, how will customers be affected by the change in ownership? What can they expect from the company in future?

It will be business as usual for our customers. In fact, we will actually further enhance our ability to serve clients and support the development of Vietnam’s life insurance and pension markets by drawing on Sun Life’s capabilities.

By making use of our two shareholders’ respective strengths and with a shared vision to improve the lives of Vietnamese, PVI Sun Life will continue to offer and refine a range of tailor-made financial solutions.

We are committed to supporting the development of the life insurance and pension markets in Vietnam on an ongoing basis. And as always, our underlying goal is to help more and more of our customers to achieve lifetime financial security.

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