Sun Life defies pre-need slump, posts robust sales

Despite an industry slump resulting from the collapse of several major pre-need firms, Sun Life Financial (Philippines) has been posting higher sales particularly last October, when it exceeded what it sold in the entire first half of 2005.

Company officials said Sun Life has been selling an average of P100 million per month since October last year. Sales of pension products have grown by 400 percent in October and by 700 percent in November.

In the past 12 months, Sun Life averaged P29 million and P63 million in sales, or a total P346 million and P 765 million a year, for education and pension, respectively.

In contrast, the pre-need industry suffered a 59.53 percent drop in sales in October 2005. For the January to October period last year, the sector registered a 46 percent decline.

SunLife president and chief executive officer Lorenzo Tan earlier expressed optimism on the firm’s pre-need business.

Tan said the company enjoys the highest trust rating in the industry, further bolstered by its intensified marketing promotions strategy.

Driven by the strong demand for its products, SunLife applied for additional licensing of P1 billion worth of plans.

Sun Life offers two kinds of pension plans: a group pension plan for corporations, cooperatives and organizations; and a regular pension plan for individuals. The company also sells fixed value education plans.

Sun Life of Canada introduced life insurance in the Philippines in 1895 and is a member of the Sun Life Financial group of companies. It is duly represented by three principal components: Sun Life of Canada (Philippines) Inc., the pioneer life insurance business in the country. Sun Life Asset Management Co. Inc., which offers Filipinos the widest range of mutual fund products; and Sun Life

Financial Plans Inc., the first pre-need company in the Philippines.

Sun Life 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 and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda.