MANILA, Philippines - Sun Life of Canada (Philippines) Inc. (Sun Life Philippines) has reported that its unaudited total net premiums reached a record P13.9 billion, or 31 percent higher than the P10.6 billion net premiums recorded in 2010. The total premium income in 2009 was recorded at P9.5 billion.
Total assets grew 16 percent to P119 billion while total benefits paid out amounted to P7.2 billion.
Sun Life Philippines president and chief executive officer Riza Mantaring said that the 2011 gains would have been bigger if the insurer had not adopted international standards.
“If unweighted, our increase would be far bigger,” Mantaring said.
The international practice calculates single premiums as just 10 percent of weighted premiums for new business.
Nonetheless, the life insurer was extremely satisfied with its 2011 performance from its distribution network and product development.
“New products, aggressive branding campaigns, intensified agency recruitment, provincial expansion and heightened operational efficiency significantly helped in boosting sales,” Mantaring added.
The Sun Life Philippines chief executive said that key to its distribution network is still the 3,588-agency force, of which 28 had undergone extensive training with the Asian Institute of Management (AIM).
“We are so fortunate to have highly capable and talented advisors who are dedicated and professional. And the best part is that their numbers are growing. The past two years have seen our agency force grow at over 20 percent each year, while maintaining the standards of quality,” she added.
Mantaring also expressed optimism about the joint venture formed last year with the Yuchengco Group.
Sun Life acquired 49 percent of Grepalife to form Sun Life Grepa Financial Inc. (SLGFI) and established an exclusive bancassurance alliance with the Rizal Commercial Banking Corp. (RCBC).
It has 100 financial advisors fielded in the branch network of RCBC.
She said the company would continue to expand its geographic coverage. Last year, the company opened 28 inter-branch sales offices (ISOs), in addition to the 35 already existing. This brings Sun Life’s national footprint to 63 sales offices.
Sun Life Financial global president and chief executive officer Dean Connor said. “Our Philippine operation is one of the brightest spots within Sun Life Financial group.One of our four key pillars in charting a course for the future of Sun Life is strengthening our competitive position in Asia, and Sun Life Philippines’ recent successes, particularly in attaining a number one position in the market and strengthening its agency force, will go a long way in helping us achieve this goal,” Connor said in his message to Mantaring.