For the 10th consecutive year, Sun Life of Canada (Philippines), Inc. (Sun Life) has dominated the country’s life insurance sector. This is based on the data released by the Insurance Commission (IC), which revealed that the premier life insurance firm generated a premium income of ₱39.27 billion in 2020.
Sun Life Philippines has outperformed its closest contender in the industry by a record ₱8 billion in total premiums. The company has undoubtedly and unsurprisingly maintained its dominance in the local life insurance industry.
“We dedicate this milestone to our clients whose trust and support motivated us to keep excelling and innovating,” said Sun Life Philippines President Alex Narciso. “We also share this with our advisors and employees who remained faithful to our mission despite all the challenges we faced last year.”
Sun Life of Canada (Philippines), Inc. President Alex Narciso
The giant life insurer attributed its success in 2020 to its quick adaptation to the new normal. Amid the onset of the pandemic last year, Sun Life Philippines had launched different digital innovations with the aim of continuously serving its clients.
“Today, our commitment remains as strong as ever,” said Sun Life Philippines CEO and Country Head Benedict Sison. “We are here to be the Filipinos’ partner for life as they strove to achieve lifetime financial security and live healthier lives in this new landscape. We will never tire of discovering the best solutions and services that will enable them to secure their future.”
Sun Life Philippines CEO and Country Head Benedict Sison
Sun Life Philippines generated a total annual premium of ₱38.5 billion when it dominated the IC’s list of top local insurers for 2019. In 2020, the insurance firm has implemented various aggressive measures to continue serving its clients—including extending premium due dates and enabling remote transactions amid the pandemic.
The company was also voted in 2020 as the most trusted insurance brand by Filipinos in Campaign Asia’s Top 100 Brands in the Philippines’ survey. Sun Life Philippines was the only insurance brand that landed on the list.
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