Sun Life upbeat on business prospects in PH

Sun Life of Canada expects to hit its goal of expanding its customer base to five million ahead of the 2020 target.

This year, Sun Life Financial Philippines is seen posting another “stellar” performance, with business having grown by 40 percent year-on-year in the first semester, the insurer’s new CEO, Benedict Sison, said yesterday.

In a luncheon that marked the turnover of leadership to Sison from Riza Mantaring, the new CEO said his vision was for Sun Life to be “the clear No. 1 in the market” both in terms of market ranking and quality of contribution to clients.

“This is very much grounded in our vision for our clients to attain lifetime financial security,” he said.

As of June, Sun Life had about 3.9 million clients in the country, more than double the 1.5 million as of end 2015.

“At the rate that we’re going, it seems it (5 million goal) is achievable (earlier than expected),” Sison said.

Sison noted that it was under Mantaring’s leadership that Sun Life attained the market-leading position in the Philippines and maintained it for the last seven years.

“Riza has run a good race and finished it with a gold medal,” he said.
“I will be running the next leg of the race. I will take Sun Life to the next level,” he added.

Sun Life’s first-half performance is faster than the 30 percent growth that its Canadian parent expected it to deliver yearly.

Sison said Sun Life was exploring various opportunities to enter the institutional business.

Currently focused on the retail, the group is considering setting up an alternative investment management business catering to institutions. —DORIS DUMLAO-ABADILLA