SunLife premiums up in first quarter

MANILA, Philippines - Sun Life Financial-Philippines’ (SLFP) total premiums in the first quarter of 2010 grew to P2.43 billion for its life insurance business, up by 8.3 percent from similar period in 2009.

Total first year (FY) and single payment premiums grew by 38 percent. Gross sales in its mutual funds business increased by a robust 181 percent, or from the previous year’s P142.6 million to P400.3 million this year. 

Assets under management (AUM) stood at P15.4 billion, up by 24 percent from the previous year’s first quarter haul of P12.4 billion.

SLFP president and chief executive officer Rizalina Mantaring said the insurer has put in place a sales target. “Achieving the goals calls for a two-fold increase in manpower to expand our agency force to some 5,000, as well as to grow our distribution channels in the provinces. 

SLFP to date has over a million individual and group life policyholders,” Mantaring added.