Sun Life bullish on Philippine market

The global chief executive officer of Sun Life Financial Inc. of Canada is upbeat on the insurer’s business in Asia and expects the Philippines, described as a country of “enormous potential,” remaining among its priority markets for the long haul.

Sun Life of Canada CEO Donald Stewart, who was in town for a brief visit last week, said his company was looking to be part of an enormous transfer of economic power from North America and Europe to Asia. He said the company “sees the Philippines being part of that major shift.”

“We’re very heartened by the projects that are underway and we’re looking to expand, to continue to grow,” Stewart said, noting that a recent bancassurance partnership with the Yuchengco group would be key to this expansion.

In an interview with Inquirer, he said that among the challenges in emerging Asia at present was that there were more opportunities than there were resources. “We want to make sure we commit to markets where we can succeed in and the Philippines is very much one of these markets,” he said.

Stewart, who had been traveling to the Philippines for business over the last 14 years, said that in this particular trip, he saw “lots of good things happening.” He said he had sensed “more prosperity, more commercial activity and a pretty busy” airport alongside news of local airlines purchasing new planes. He said he was also encouraged by the lineup of projects cited by President Aquino during a courtesy visit to Malacañang.

“I’m as optimistic about the future of the Philippines as I’ve ever been. I’m always a believer that this is a country of enormous potential,” he said.

Sun Life, the second-largest insurance firm in the Philippines in terms of assets, sees itself remaining as a strong player in this market. It now claims leadership in generating first-year premium.

“Excellence and quality will bring its own growth, rather than necessarily aspiring to be in a particular market position,” he said, when asked whether he saw Sun Life eventually becoming the largest player in the Philippine protection business.

While cognizant of stiff competition, Stewart said Sun Life’s thrust would be to follow a steady and quality growth path. Having been in this business for 42 years, he said whenever the industry tried to deliver fast growth, it never played well in the long haul. “I’ve seen so many crash-and-burn stories in my time. There are companies departing from a steady path and have always ended badly. Sustainability in position will ultimately bring its own rewards,” Stewart said.