Sun Life dominates for 6th straight year
For the sixth year in a row, Sun Life of Canada ( Philippines) Inc. has successfully dominated the life insurance industry, after attaining the highest total premium income in 2016, according to a report released by the Insurance Commission.
With a premium income of P31.8 billion, Sun Life maintained its over P10 billion lead over its closest contenders.
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 in 2016.
“The previous year presented several challenges to the insurance industry with the decline in premium production and the market volatility. But thankfully, Sun Life was able to endure all these and still sustained leadership," Sun Life president and CEO Riza Mantaring said.
She cited the company's continuing efforts to extend its products and services to broader market segments and to improve its operational efficiencies helped deliver good results.
Mantaring also commended the unwavering support of the company's advisors, who have consistently remained focused on their goals, and expressed gratitude to all Sun Life clients for their trust and confidence in Sun Life.
“In fact, only a year into our fiveyear growth plan called ‘Rise PH’ for 2020, we were already able to mark significant progress,” Mantaring added.
Launched in January 2016, Rise PH endeavors to serve five million Filipinos by year 2020. As of end-2016, the company has already served close to two million lives.
“Maintaining the Number one 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.
“All our efforts revolve around our mission of helping Filipinos attain financial security. The whole Sun Life community, from the employees to the agency force, is further inspired and ready to work harder, so that more Filipinos can achieve a brighter life.”
Sun Life of Canada (Philippines) Inc. is the first and longest-standing life insurance company in the Philippines.