Sun Life tops sector in premium income

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 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 topped the industry in terms of premium income, starting in 2011 with P14 billion, then in 2012 with P20.2 billion.  Doris C. Dumlao