Sun Life still Phl's top insurance company
INSURANCE giant, Sun Life of Canada (Philippines) Inc. maintained its lead spot in the country's financial and insurance industry with a total premium income of P31.8billion in 2016.
Latest data from the Insurance Commission bared its total premium income marked a P10billion lead over its nearest rival.
"For the sixth year in a row, Sun Life of Canada (Philippines), Inc. has successfully sustained its Number 1 ranking in the life insurance industry," Sun Life President and CEO Riza Mantaring said in a press statement.
Combined with Sun Life Grepa Financial, Inc., Sun Life’s joint venture company with the Yuchengco Group, the Sun Life group made over P37 billion in premium income last year.
In 2015, Manataring said, the industry has several challenges with the decline in premium production and the market volatility.
She added the firm's continuous efforts in extending products and services to broader market segments and improving its operational efficiencies helped deliver good results.
“Only a year into our five-year growth plan called ‘Rise PH’ for 2020, we were already able to mark significant progress,” Mantaring said.
Launched in January 2016, Rise PH intends to serve five million Filipinos by year 2020.
As of December 31 of last year, the company has already served close to two million lives.
“Maintaining the Number 1 spot in the industry certainly gives us the momentum we need as we continue our pursuit of this vision,” Mantaring said, adding that Sun Life is set to launch more initiatives this 2017.
Sun Life of Canada (Philippines), Inc. is the first and longest-standing life insurance company in the Philippines. It is a member of the Sun Life group of companies, a leading international financial services organization which operates in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda.
As of December 31, 2016, the Sun Life Financial group had total assets under management of $903-Billion.