Sun Life of Canada (Philippines), Inc. maintained its rank as the No. 1 life insurer in the country in 2017, based on data released by the Insurance Commission. The giant insurance firm has successfully kept its market leadership based on premium income for the seventh consecutive year.
In the entire fiscal year, the company sold P32.1 billion worth of insurance products. Following its trail was Philippine AXA Life Insurance Corp, which had a premium income of P26.2 billion; BPI Philam Life Assurance Corp. Inc., with P20.3 billion; Philippine American Life and General Insurance Co. (Philam Life) with a premium collection of P19.9 billion; and Pru Life Insurance Corp. of UK, with P19.2 billion.
“This milestone is one we attribute to our clients, whose trust and support inspire us to keep improving and innovating,” said Sun Life Philippines President Alex Narciso. “We also have our advisors, employees, and partners to thank, for it is through their hard work and passion that we are able to touch the lives of more Filipinos.”
Sun Life also disclosed that it generated P2 billion in annualized first-year premium in the last quarter of 2017 alone. It was a record high for the past five years. Narciso attributed this to the hard work of the company’s advisors, which he said worked harder to serve more clients throughout the year.
Sun Life Philippines now employs more than 11,000 financial advisors and has over three million policyholders. “We are on track to realizing our RI5E PH vision of having five million clients by 2020,” said Sun Life Philippines CEO and Country Head Riza Mantaring. “We are happy to see a growing appreciation for financial planning among Filipinos and this is a big step towards ensuring a brighter future for themselves and our country as a whole,” she added.
The insurer also topped the Insurance Commission’s list of insurance firms based on net income after it posted P6.9 billion in annual profit. Competitors in the list were Philam Life (P5.6 billion), The Insular Life Assurance Co. Ltd (P4.1 billion), Manufacturers Life Insurance Co. (Philippines) Inc. or Manulife (P3.3 billion), and Philippine AXA (P2.3 billion).
For 2018, the company is set to tap broader markets, launch new products, and offer more digital tools while continuously enhancing services rendered to clients. “Sun Life’s mission remains the same, and that is to help Filipinos achieve lifetime financial security and live healthier lives. We look forward to exploring more ways to make this a reality for all of our clients,” said Mantaring.