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Sun Life : retains top spot in Philippine insurance sector

by April 3, 2016 General

MANILA, Philippines Sun Life of Canada (Philippines) Inc. (SLOCPI) emerged as the country’s biggest insurance provider based on premium income for five straight years.Based on unaudited quarterly report submitted to the Insurance Commission, Sun Life posted a premium income of P32.8 billion in 2015, up 6.8 percent from P30.7 billion in 2014.Combined with Sun Life Grepa Financial Inc., the Sun Life group in the Philippines made close to P43 billion premium income in 2015.In terms of new business measured in weighted first year premium, SLOCPI grew nearly 17 percent to P6.04 billion, while Sun Life Grepa grew 46 percent to P1.61 billion.“Sun Life Philippines had a banner year in 2015. We have an incredible team working there and their hard work and dedication to customers shines through in everything they do,” said Kevin Strain, president of Sun Life Financial Asia.According to Strain, Sun Life Philippines’ growth was driven mainly by new products, aggressive expansion programs, effective branding campaigns, intensive agency recruitment and heightened operational efficiencies.For her part, Sun Life Philippines president Riza Mantaring attributed the company’s continued success to the unwavering trust and patronage of its clients and the team’s excellent execution of various initiatives designed to fuel further growth.element-invisibleBusiness ( Article MRec ), pagematch: 1, sectionmatch: 1Last year also marked Sun Life’s successful completion of its aggressive five-year growth plan called Route 5.“With all of us focused on realizing our Route 5 goals of having 5,000 advisors, P5 billion in net income, five billion in annual first year premium and P50 billion in mutual funds AUM by 2015, we ended the year achieving all that and even exceeding our targets,”Mantaring said.“A big part of our success is our most prolific and dynamic agency force whose passion to serve and sense of mission to help every Filipino achieve financial freedom have led us to the top. But of course, our utmost gratitude goes out to all our clients and business partners whose continued trust has inspired us to always aspire for excellence,” she added.SLOCPI is the longest-staying life insurance company in the Philippines with 45 new business offices, 39 inter-branch sales offices, 64 customer centers and eight financial stores throughout the country.Sun Life Philippines offers individual insurance, education savings plans, mutual funds and retirement planning, group insurance and retirement benefits.SLOCPI is a member of the Sun Life Financial group of companies, a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers.Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the US, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda.As of Dec. 31, 2015, the Sun Life Financial group of companies had total assets under management of $891 billion.© Pakistan Press International, source Asianet-Pakistan