U.S. Markets open in 1 hr 46 mins
  • S&P Futures

    3,854.00
    +9.00 (+0.23%)
     
  • Dow Futures

    31,154.00
    +58.00 (+0.19%)
     
  • Nasdaq Futures

    13,348.00
    +53.75 (+0.40%)
     
  • Russell 2000 Futures

    2,165.40
    +7.70 (+0.36%)
     
  • Crude Oil

    53.08
    -0.23 (-0.43%)
     
  • Gold

    1,871.80
    +5.30 (+0.28%)
     
  • Silver

    26.01
    +0.24 (+0.95%)
     
  • EUR/USD

    1.2148
    +0.0032 (+0.2673%)
     
  • 10-Yr Bond

    1.0900
    0.0000 (0.00%)
     
  • Vix

    21.17
    -2.07 (-8.91%)
     
  • GBP/USD

    1.3717
    +0.0062 (+0.4527%)
     
  • USD/JPY

    103.4200
    -0.1500 (-0.1448%)
     
  • BTC-USD

    32,309.56
    -1,192.54 (-3.56%)
     
  • CMC Crypto 200

    641.83
    -38.08 (-5.60%)
     
  • FTSE 100

    6,748.87
    +8.48 (+0.13%)
     
  • Nikkei 225

    28,756.86
    +233.60 (+0.82%)
     

Sun Life (SLF) Unit Makes Bancassurance Partnership in Vietnam

Zacks Equity Research
·3 min read

Sun Life Financial’s SLF subsidiary Sun Life Vietnam Insurance Company Limited and Asia Commercial Joint Stock Bank (ABC) have formed a 15-year exclusive bancassurance partnership in Vietnam. The partnership will be launched on Jan 1, 2021.

The agreement combines Asia Commercial Joint Stock Bank’s extensive distribution network of 371 branches and Sun Life Vietnam's competitive and comprehensive life insurance solutions. Bancassurance means selling insurance product through banks. Thus, ACB's fast-growing base of more than 3.6 million customers can benefit from Sun Life Vietnam's compelling life insurance solutions. Last November, Sun Life Vietnam and Tien Phong Commercial Bank (TPBank) had formed a 15-year bancassurance partnership in Vietnam.

Sun Life is aggressively seeking to expand its international business. It is focusing on the emerging economies of Asia that are expected to provide higher return and growth than the North American markets. The company has a strong presence in China, Philippines, India, Hong Kong and Indonesia, and has also forayed into Malaysia and Vietnam, taking the count to seven markets in which it has a presence.

Sun Life envisions being a leader in Asia through distribution excellence in higher growth markets and identifies bancassurance as a high-growth distribution channel in Vietnam. Thus, these partnerships are a strategic fit for this Zacks Rank #1 (Strong Buy) leading Canadian life insurer. Sun Life Vietnam reported sales growth of 47% over the 12 months ending Sep 30, 2020.

Shares of Sun Life have lost 0.6% year to date compared with the industry’s decline of 15%. Sun Life’s focus to strengthen Asian presence, expand global asset management business, favorable business mix, strategic acquisitions and solid capital position should help shares bounce back.

Other Stocks to Consider

Investors interested in the insurance space can look at Brighthouse Financial BHF, Manulife Financial MFC and Primerica PRI, each carrying Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank.

Brighthouse delivered an earnings surprise of 26.59% in the last reported quarter.

Manulife delivered an earnings surprise of 5.77% in the last reported quarter.

Primerica delivered an earnings surprise of 16.81% in the last reported quarter.

These Stocks Are Poised to Soar Past the Pandemic

The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.

Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.

See the 5 high-tech stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Manulife Financial Corp (MFC) : Free Stock Analysis Report
 
Sun Life Financial Inc. (SLF) : Free Stock Analysis Report
 
Primerica, Inc. (PRI) : Free Stock Analysis Report
 
Brighthouse Financial, Inc. (BHF) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research