Sun Life Financial Philippines on Tuesday reported a sharp spike in its premium income for 2012 as more clients sought out investment products, spurred by the strong economy and rising financial markets.
Global insurance giant Sun Life of Canada is on the lookout for acquisition opportunities in the Philippines, as rising capital requirement is seen prompting more consolidation in the local insurance industry.
The year 2012 is claimed to be one of the best years ever for the Philippine economy, with the gross domestic product expected to surpass the government’s target of 5 to 6 percent and the stock market ending the year on its 38th record high, making it the second-best performing market in Asia behind Thailand.
Sun Life Financial Philippines expects to report a sharp rise in revenues this year as sales of its insurance and investment products surged, aided by the country’s booming economy.
The year 2011 was very good indeed to the Philippine unit of Canadian insurance giant Sun Life Financial.
