Strengthening capital resources
In February 2024, Sun Life Vietnam increased its charter capital from VND 16,480 billion to VND 17,944 billion. With the new capital, Sun Life became one of the three insurance companies with the largest charter capital operating in Vietnam. This new investment capital is an affirmation of the insurance company's strong commitment to long-term investment in the Vietnamese market.
In recent years, Sun Life Vietnam has had comprehensive development in terms of revenue, distribution channel system, information technology, customer service, products, brand... Since 2019, Sun Life Vietnam's revenue has begun to grow significantly, reaching nearly 1,000 billion VND, an increase of more than 200 billion VND compared to 2018. In 2020, Sun Life Vietnam's revenue reached more than 1,307 billion VND, continuing to increase to 3,014 billion VND in 2021 and more than 5,173 billion VND in 2022. In 2023, with unfavorable market conditions, the revenue from this insurer's business activities still reached more than 4,127 billion VND with gross profit from insurance business activities at 2,152 billion VND in 2023.
Along with the growth in premium revenue, as of December 31, 2023, the total financial investments of this insurer amounted to nearly VND 7,991 billion, including long-term financial investments such as government bonds and corporate bonds with the corresponding amounts of VND 2,915 billion and VND 1,581 billion. It is known that these investments comply with the investment limits for insurance products as prescribed by the Ministry of Finance. Not only that, Sun Life Vietnam also meets the standards of a global corporation with an internal credit rating system according to S&P Global's world standards. By the end of 2023, Sun Life Vietnam's financial situation showed that cash and cash equivalents amounted to more than VND 2,195 billion.
To date, Sun Life Vietnam has paid more than VND 932 billion in taxes to the state budget. In 2023, Sun Life Vietnam was awarded a certificate of merit by the Ho Chi Minh City Tax Department for "Good implementation of tax policies and laws in 2022" . In 2023, Sun Life Vietnam also created jobs and income for more than 560 employees and more than 4,000 financial consultants. The investments back into the economy, along with creating jobs for workers and the taxes that Sun Life contributes, have significantly contributed to the overall development of the Vietnamese economy.
Strong support from the Group
Sun Life Vietnam is a member of the Sun Life Group (headquartered in Canada) with a history of nearly 160 years of operation, among the 500 largest enterprises in the world according to Fortune statistics and ranked as the industry's leading financial strength (AA by Standard & Poor's). As of the end of the first quarter of 2024, Sun Life is managing more than 1,080 billion USD in assets, providing insurance and services to more than 85 million customers, achieving a profit of over 2,268 billion USD in 2023 and a profit of more than 600 million USD in the first quarter of 2024.
Sun Life has been present in Asia for more than 125 years and currently has more than 28 million customers and is operating in the markets of Hong Kong, Philippines, Malaysia, Singapore, Indonesia, India, China and Vietnam since 2013. During its business operations, the Group has always strongly supported Sun Life Vietnam in terms of finance, technology, management and strategy and considered Vietnam a key market with strong and long-term commitments.
Optimize customer experience and contribute positively to the community
As of the end of December 2023, Sun Life Vietnam is providing financial protection to more than 200,000 customers. Over the years, Sun Life Vietnam has paid compensation and insurance payments of up to VND 3,335 billion, of which more than VND 705 billion was paid in 2023 alone.
Sun Life Vietnam has also focused on investing in many community programs over the years, including: Deploying the campaign "Finance for yourself, Optimism by yourself" with many activities sharing financial knowledge bringing positive values and new perspectives to generations of Vietnamese people; Investing in and inaugurating a basketball court for young people who love basketball and organizing community events "High Hoop Basketball Festival" for children from 8 to 13 years old to promote physical activity and a healthier lifestyle for young people; Donating 442 basketball poles and 2,210 balls to 255 schools nationwide; Awarding hundreds of scholarships to students...
As part of a global financial group, Sun Life strives to make a positive impact on clients every day, helping them achieve financial security and wellness, while spreading value and opportunity to their families, friends and communities. Healthier lives and financial security are also Sun Life’s two biggest goals to shape a brighter future for clients, communities and generations to come.
Source: https://thanhnien.vn/sun-life-huong-den-viec-dam-bao-an-toan-tai-chinh-va-cuoc-song-khoe-manh-hon-185240530093216335.htm
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