Sun Life Generates P42B in Premium Income in 2013

Sun Life Financial Philippines posted P42 Billion in premium income in 2013, up by 61% from a year ago.

In the Insurance Commission (IC) annual report, Sun Life of Canada Philippines, Inc. (SLOCPI) ranked first among life insurance companies, ending 2013 with total premiums of P29.7 Billion or 48% higher than the previous year’s level, while its joint venture with the Yuchengco group, Sun Life Grepa Financial, Inc. (SLGFI) posted a 106% growth with P12 Billion in 2013.

This is the 3rd consecutive year that SLOCPI topped the industry in terms of premium income, starting in 2011 with P14 Billion, then in 2012 with P20.2 Billion.

New Business of Php 4.5 Billion in weighted first year premium (WFYP) income for SLOCPI makes it the number 1 company in new business for the 5th year in a row, while combined WFYP of Php 5.96 Billion for SLOCPI and SLGFI also make the SLF Philippines group No. 1 in new business, a position it has held since it acquired SLGFI.

In a statement, Sun Life Philippines President & CEO Riza Mantaring attributed the robust growth in premium income to the group’s expansion programs, aggressive recruitment campaign, industry-leading agency and its successful bancassurance partnership with RCBC.

“We have successfully completed two of our ‘Route 5’ Goals much ahead of schedule,” Mantaring noted. “Route 5 is a five-year growth plan crafted for Sun Life Philippines in 2010 that aimed at attaining 5,000 advisors, P5 Billion in combined Net Income, P5 Billion in annualized first year premiums; P50 Billion in mutual funds Assets Under Management (AUM) by 2015,” the Sun Life Chief said.

“We’ve already met the desired number of advisors with over 5,000 by yearend 2013, and combined annualized FYP of over P5 Billion,” Mantaring said. “Our AUM for our mutual funds business stood at P41.13 Billion at end 2013, which is not very far away from our Route 5 goal. I am confident that this can also be realized sooner than expected.”

For SLGFI, on the other hand, Mantaring commended the company’s robust growth particularly in the bancassurance business which grew by 150% in total sales.

The Sun Life Chief also paid tribute to its advisory force that has remained focused on the company’s mission of financial freedom for every Filipino. “Having founded life insurance in the Philippines in 1895, we have a deep rooted relationship with the Filipinos and this is a commitment we take to heart. Also behind our success are the customers who have entrusted their lives and dreams to us and have been our inspiration.” Mantaring enthused.

For his part, Sun Life Financial – Asia President Kevin Strain congratulated the leadership team, employees and agents of Sun Life Philippines for this splendid achievement.

“Sun Life Philippines has always served as a role model for our operations in Asia and this achievement just adds to that role,” Strain said.

“The consistent enthusiasm, customer focus, talent and sheer hard work that we see from Sun Life Philippines is something that we hold up as a gold standard and I am pleased to see all our hard work result in this great accomplishment,” Strain said.

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, 2013 the Sun Life Financial group of companies had total assets under management of $640 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF