Sun Life Financial Phils income expands

Sun Life Financial (Phils.) Inc. (Sun Life Financial) ended the third quarter of 2005 with net profits of over P1.586 billion, a marked 47 percent better than the same period last year.

Sun Life Financial is a major financial institution which has subsidiaries in life insurance, pre-need and mutual fund industries. Last year, it was ranked third overall in the life insurance market, third in the mutual life industry, and fifth overall in the embattled pre-need industry.

From January to September this year, the company chalked up total revenues of almost P10 billion, nearly 12 percent higher than the figure posted in the same period of the previous year.

Sun Life Financial Phils. president and chief executive officer Lorenzo V. Tan attributed strong growth to the gains realized in all its major business concerns.

"Our life and pre-need businesses all recorded positive growth despite the prevalence of what can be considered challenging times for the industry," Tan said. "Our mutual funds growth, on the other hand, indicates public acceptance and patronage to our move to be a major player in the wealth management business."

Over the years, its business coverage expanded from being a mere insurer of risks to the provider of wealth management products. The former bank president said he wants to further expand SLFP’s asset management business.

Sun Life of Canada (Phils.) Inc., its life insurance business, registered sales of almost P696 million, overtaking by 7.9 percent, the P645 million in the first nine months of 2004 despite the indirect negative impact of the pre-need industry.

Sun Life Asset Management Co. Inc., which offers Filipinos the widest range of mutual fund products, grew its assets under management (AUM) to more than P6.7 billion, nearly 28 percent better than the P5.2 billion recorded in end-September last year.

Bucking a general market decline brought about by recent shocks that rocked the industry, Sun Life Financial Plans Inc. expanded total revenues by over 33 percent to almost P501 million. The feat eclipsed the P376 million posted in the same period in 2004.

Tan expects the company’s financial performance to strengthen further in the remaining months of 2005.

"The company has received very good response on their recent marketing campaign which will be reflected in the fourth quarter results. Our pre-need company enjoys the highest trust rating in the industry, as what our persistency ratio has shown, and we will surely use that to our advantage," Tan said.

Founded in 1895, Sun Life Financial Phils. is a member of the Sun Life Financial group of companies.

Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individual and corporate customers. Sun Life Financials and its partners has operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda.