Sun Life vows to honor commitment to planholders

MANILA, Philippines - Sun Life Financial Plans Inc. (SLFPI), the local unit of Canada-based Sun Life Financial Group of Companies, said it remains committed to settle all its obligations to its planholders as its assets are more than enough to cover all its liabilities.

SLFPI president and chief executive officer Henry Herrera said the company has “maintained its disciplined approach to its policy of ensuring that the company’s trust fund investments generate consistent returns to enable it to always deliver the promised benefits under the pre-need plans it sells.”

Herrera also explained that SLPFI’s trust fund is invested mostly in fixed- income instruments that are locked in at interest rates sufficient to cover the firm’s obligations. As of end-December last year, SLFPI’s trust fund amounted to P5.3 billion or 26 percent higher than the previous year’s P4.2 billion.

“Our trust fund investments are mainly in Treasury notes and we practice prudence in managing such,” he said.

Herrera said SLFPI maintains capital and trust fund positions in excess of the Securities and Exchange Commission’s requirements. 

SLFPI’s total installments for pre-need plans reached P1.6 billion, more than 90 percent of which are installments for retirement plans, with the balance represented by installments for educational plans.  

“We continuously uphold our commitment to help every Filipino fulfill their dream of providing good education for their children and have a secure retirement. That is embodied in our mission of providing financial freedom for Filipinos,” Herrera added.

SLFPI holds the distinction of being the fastest growing pre-need company in the country amid a global economic crunch. It began operations in 1895 and currently provides 1.1 million Filipinos with products and services to help them meet their financial needs.

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