Sun Life Premium income in Philippines up 86% in 2012

LEADING insurer Sun Life Financial Philippines reported that its premium income in the Philippines from its two life insurance companies, Sun Life of Canada (Philippines) Inc. and Sun Life Grepa Financial Inc. reached over P26 billion in 2012.

Sun Life Grepa is the joint venture company be- tween Sun Life and the Yuchengco Group which was formed in late 2011 and completed its first full year of operations under Sun Life management in 2012.

In a statement, Sun Life Philippines President & CEO RizaMantaring said that 2012 was indeed a stellar year for Sun Life, with both operations growing faster than expected.

In terms of 2012 gross premiums, SLOCPI delivered P20.2 Billion, while Sun Life Grepa cornered P5.9 billion.

Net premium income, on the other hand, for SLOCPI stood at P20.1 billion, while net premium income for SLGFI was at P5.8 billion.

The combined premium income of the two companies resulted in 86% growth in Sun Life’s premium income from the Philippines over 2011, when premiums were derived from only SLOCPI.

“While SLOCPI’s traditional strength has always been its industry-leading agency force, Sun Life Grepa’s banc assurance channel is very strong. Around 70% of SLGFI’s total premium income came from bancassurance, which is considered the backbone of its phenomenal growth in 2012,” Mantaring said.

In terms of new business, as measured by weighted first year premiums (WFYP) with single pay premiums counted at 10%, SLOCPI delivered P3.2 Billion, while Sun Life Grepa made P850 Million, for a total of over P4 billion.

“The impressive results in 2012 were brought about by several factors: healthy market conditions; agency manpower growth; regional expansion and development of new products that catered to high net worth clients,” Mantaring said.

“Add to this Sun Life’s industry-benchmark customer service and the results clearly show that Sun Life continues to be the life insurance provider of choice of Filipinos,” Mantaring added.