MANILA, Philippines – Sun Life of Canada (Philippines), Inc. has once again claimed the top spot in the local insurance industry based on premium income in 2012.
In the official rankings released by the Insurance Commission on premium income, Sun Life capped 2012 with net premium income of P20.1 billion, up 44 percent from a year ago.
The year-end result has again made Sun Life the country’s number one life insurance company. Sun Life topped the industry in 2011 with its net premium income of P13.9 billion.
Sun Life also led the industry in new business, with P3.2 billion in weighted first year premiums, 36 percent higher than the previous year’s level. Combining these results with that of our joint venture company with the Yuchengco Group, Sun Life Grepa Financial, Inc., which posted P5.8 billion in premiums in 2012, the Sun Life group in the Philippines made P26 billion in premium income, 86 percent more than 2011.
In a statement, Sun Life Philippines president and CEO Riza Mantaring said: “2012 was again another stellar year for Sun Life. Not only did we break records in our life business, we posted robust gains in mutual funds where our balanced and equity funds were among the best performing funds in the industry. Assets under management of our mutual funds business stood at P28.7 billion as of year-end 2012.”
The Sun Life chief attributed the company’s robust 2012 growth to new products, aggressive expansion programs, effective branding campaigns, intensive agency recruitment and heightened operational efficiencies. More importantly, Mantaring commended the company’s more than 4,500 financial advisors “whose passion and dedication have never diminished.” “We have an advisory force that is second to none. They are simply the best,” Mantaring said.
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Sun Life Financial Asia president Kevin Strain extended his appreciation and gratitude to the Philippines team for doing a great job in 2012.
“Sun Life’s Philippine business continues to be a shining star for us, not only in Asia, but across the global company,” said Strain. “We have an incredible team working in the Philippines and their hard work and dedication to customers shines through in everything they do. With such a dedicated team – from our management to the field staff to our incredible sales force, it is no surprise that we were number one again in the country. Congratulations to everyone at Sun Life Philippines on another amazing year,” Strain added.
Sun Life of Canada (Philippines), Inc. introduced life insurance in the Philippines in 1895 and is a member of the Sun Life Financial group of companies, a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China, Vietnam, Malaysia and Bermuda. As of March 31, 2013, the Sun Life Financial group of companies had total assets under management of CDN$571 billion. Sun Life Financial, Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.