Sun Life of Canada (Philippines) Inc. is once again the number one life insurance provider in the Philippines based on premium income in 2015. This is the fifth consecutive year that Sun Life topped the industry in premium income. Unaudited quarterly statistics submissions to the Insurance Commission confirmed that Sun Life posted a premium income of P32.8 billion in 2015, up from P30.7 billion in the previous year.
Combined with Sun Life Grepa Financial, Inc., the Sun Life group in the Philippines made close to P43 billion premium income in 2015.
In terms of new business measured in weighted first year premium (WFYP), SLOCPI grew by close to 17% to P6. 04 Billion, while Sun Life Grepa grew by 46% to P1.61 Billion.
Overall, Sun Life Philippines saw growth in 2015 through new products, aggressive expansion programs, effective branding campaigns, intensive agency recruitment and heightened operational efficiencies.
“Sun Life Philippines had a banner year in 2015. We have an incredible team working there and their hard work and dedication to customers shines through in everything they do,” said Kevin Strain, President, Sun Life Financial Asia.
2015 was a significant year for Sun Life Philippines when it celebrated its 120th year in the country and reaped major local and international awards. Sun Life Philippines was recognized as Employer of the Year by the People Management Association of the Philippines and Asia’s Life Insurance Company of the Year at the 19th Asia Insurance Industry Awards. “These awards truly spoke well of Sun Life Philippines excellent leadership and operations,” said Strain.
For her part, Sun Life Philippines President Riza Mantaring attributed Sun Life’s continued success to the unwavering trust and patronage of its clients and the team’s excellent execution of its various initiatives designed to fuel further growth.
Last year also marked Sun Life’s successful completion of its aggressive 5 year growth plan called Route 5. “With all of us focused on realizing our Route 5 goals of having 5,000 advisors, 5 Billion in net income, 5 billion in AFYP, and P50 Billion in mutual funds AUM by 2015, we ended the year achieving all that and even exceeding our targets,” Mantaring enthused.
“A big part of our success is our most prolific and dynamic agency force whose passion to serve and sense of mission to help every Filipino achieve financial freedom have led us to the top. But of course, our utmost gratitude goes out to all our clients and business partners whose continued trust has inspired us to always aspire for excellence,” Mantaring concluded.
Sun Life of Canada (Philippines), Inc. is the longest-staying life insurance company in the Philippines now with 45 new business offices, 39 inter-branch sales offices; 64 customer centers and eight financial stores throughout the country. The company has close to a thousand employees and 7,800 Sun Life advisors. Sun Life Philippines offers individual insurance, education savings plans, mutual funds and retirement planning, group insurance and retirement benefits.
SLOCPI is a member of the Sun Life Financial group of companies, a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2015, the Sun Life Financial group of companies had total assets under management of $891 billion.
Source: Sun Life Financial
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