Sunlife Financial cleared to sell P1.5-B pension plans

The Securities and Exchange Commission has approved Sunlife Financial Plans Inc.’s additional registration and licensing of P1.5 billion worth of pension plans.

The Sun Pension Plan consists of individual and group pension plans, which provide for the payment of pension benefit equal to P10,000 maturity value per unit at maturity date.

SLFP, the pre-need firm of the SunLife Group of Companies, registered sales of P420 million for the period January to July this year, representing a 681 percent jump from the previous level.

The strong performance was attributed to a highly successful marketing campaign that effectively supported the company’s traditionally strong sales force.

SLFP president and chief executive officer Lorenzo Tan said the company "is well on its way towards achieving the corporate goal of reaching the industry’s top spot."

Tan’s goal is to propel SLFP to the number one spot in its respective business categories within the next five years.

Actuarial experts are projecting that SLFP would attain leadership position by the end of the year after consistently recording triple digit growths in the past 12 months.

To further increase its market share, the SunLife Group is eyeing the C and OFW markets and is in the process of reinventing some of its products and services to cater to the needs of these new target groups.

The SunLife Financial Group is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers.

Tracing its roots back in 1865, the SunLife Group has operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda.