Sun Life of Canada topped PH insurance in 2013—report
SCREENGRAB from www.sunlife.com.ph
MANILA, Philippines—For the third year in a row, Sun Life of Canada topped the Philippine insurance industry in terms of premium income in 2013.
Citing the latest annual report of the Insurance Commission, Sun Life of Canada Philippines Inc. (SLOCPI) ranked first among life insurance companies, ending 2013 with total premiums of P29.7 billion or 48 percent higher than the previous year’s level while its joint venture with the Yuchengco group, Sun Life Grepa Financial, Inc. (SLGFI) posted a 106 percent growth to P12 billion.
Total premium income thus amounted to P42 billion, 61 percent higher than the level in 2012.
In a statement on Thursday, Sun Life Philippines president and chief executive officer Riza Mantaring attributed the robust growth in premium income to the group’s expansion programs, aggressive recruitment campaign, industry-leading agency and a robust bancassurance partnership with Yuchengco-led Rizal Commercial Banking Corp.
This was the third consecutive year that Sun Life had topped the industry in terms of premium income, starting in 2011 with P14 billion, then in 2012 with P20.2 billion.
In terms of new business, SLOCPI’s P4.5 billion in weighted first year premium income made it the country’s top insurer in new business for the fifth year in a row, while combined weighed first year premium income of P5.96 Billion for SLOCPI and SLGFI also made the Sun Life Philippines group number one in new business. This leading position in the generation of new business each year had been kept since the group acquired SLGFI.
“We have successfully completed two of our ‘route 5’ goals much ahead of schedule,” Mantaring said.
Route 5 is a five-year growth plan crafted for Sun Life Philippines in 2010 that aims at attaining 5,000 advisors, P5 billion in combined net income, P5 billion in annualized first year premiums and P50 billion in mutual fund assets under management (AUM).
“We’ve already met the desired number of advisors with over 5,000 by yearend 2013, and combined annualized FYP (first year premium) 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.”
Mantaring also commended SLGFI’s robust growth particularly in the bancassurance business – or the cross-selling of insurance products using bank branches – which had expanded by 150 percent in total sales.
“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 said.
Commenting on the local unit’s 2013 performance, Sun Life Financial – Asia president Kevin Strain said: “Sun Life Philippines has always served as a role model for our operations in Asia and this achievement just adds to that role.”
“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,” he said.
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