Canada-invested insurer Sun Life Vietnam incurs loss for 11 consecutive years

The Vietnam arm of Canada-based life insurer Sun Life Assurance Company reported a loss of VND868 billion ($3.36 million) in 2024, marking the 11th consecutive year of losses since its entry into Vietnam in 2013.

According to Sun Life Vietnam’s audited financial statement, the company posted insurance premiums of VND3.4 trillion ($131.4 million) last year, down 18.8% year-on-year.

Meanwhile, costs for insurance business activities slightly rose to VND1.99 trillion ($77.27 million), and total compensation and insurance payouts rose nearly 35% year-on-year to approximately VND1.61 trillion ($62.2 million).

Revenue declined while costs remained high, causing Sun Life Vietnam’s gross profit from insurance business activities to fall 66% to VND1.29 trillion ($50.06 million) in 2024.

As of the end of 2024, the company had accumulated losses of nearly VND6.36 trillion ($246 million) and recorded owner’s equity of VND11.58 trillion ($447.6 million).

Sun Life Vietnam’s total assets stood at VND20.79 trillion ($803.83 million), with long-term investments of VND6.96 trillion ($269.15 million) and liabilities of VND9.21 trillion ($356.17 million) as of end-2024.

Headquartered in Ho Chi Minh City, Sun Life Vietnam operates two branches, 25 sales points, and 24 agency offices. With a workforce of 590 employees, the company spent VND421 billion ($16.27 million) on salaries in 2024.