Sun Life of Canada (Philippines), Inc. remained the No. 1 life insurance company in the Philippines in 2019, retaining the top spot for the ninth consecutive year.
In the Insurance Commission’s statement on the ranking of life insurance companies, Sun Life ranked first with a total premium of PHP 39.5-billion. It also ranked first in new business annualized premium equivalent (NBAPE) which stood at PHP 9.6-billion, leading in this category for the 11th straight year. Sun Life also topped the industry last year in terms of net income with PHP 8.2-billion, while its total assets reached PHP 254.5-billion.
“This is a wonderful milestone to commemorate Sun Life’s 125th anniversary with,” SLOCPI president Alex Narciso said. “We are even more inspired to stay faithful to our purpose of helping Filipinos achieve lifetime financial security and live healthier lives. Together with our advisors and employees, we thank the clients who have trusted us all these years, and reiterate our promise of a lifetime partnership with them.”
Steadfast amidst the pandemic
This year, as part of its commitment to serve Filipinos, Sun Life is accelerating its digital capabilities. The company recently launched a digitally-enabled sales process that will allow Filipinos to stay financially protected from the safety of their own home during the COVID-19 pandemic. Through this process, clients can connect virtually to get professional financial advice from Sun Life advisors and, side by side, they can learn about the insurance products that fit their needs and avail of these solutions. Anyone seeking a Sun Life advisor simply needs to go to advisormatch.sunlife.com to receive a free consultation.
Sun Life has also made sure that its clients have all the support they need to stay financially protected at this time. It has extended premium due dates and enabled remote transactions to ensure its clients’ policies remain in force and on track. “We have regular financial planning webinars and have kept communication lines open to provide our clients with information and guidance during these uncertain times,” says Narciso.
Given the relaxed quarantine measures in certain areas, Sun Life has also started re-opening Client Service Centers (CSCs) to increase accessibility to its clients, while ensuring that safety measures are observed for the protection of all.
To the next 125 years
According to Sun Life Philippines CEO & country head Benedict Sison, “More than ever, we look forward to serving Filipinos as the country prepares to rise above the COVID-19 pandemic. Sun Life has been the Filipinos’ partner for the past 125 years and we have seen how they have emerged from every crisis. We are confident that the Filipinos will once again prevail over this current challenge and we promise to be with them every step of the way, providing them with lifetime financial security and helping them live healthier lives.”
Sun Life Asia president Léo Grépin highlighted that the milestone affirms the strong partnership between Filipinos and Sun Life. “Our clients’ continued trust is the best barometer of our success. We have built that trust over 125 years by always delivering on our promises and being there to help in the moments that matter most. We stand ready to help them through this crisis and beyond,” he said.
Sun Life Global president and CEO Dean Connor congratulated Sun Life Philippines and expressed confidence that the organization will continue to be there for clients and fulfill its obligations, especially during challenging times. “We have a long history of being there for our clients in the Philippines and helping them navigate through uncertain times,” said Connor. “With the COVID-19 pandemic underscoring the importance of staying financially protected, we are even more motivated to fulfill our purpose and help Filipinos achieve a brighter life and future.”