Sun Life projects double-digit hike in premiums

MANILA, Philippines - Sun Life of Canada (Philippines) Inc. said it expects its premium sales in 2009 to have expanded by double digits, the company’s top executive said.

Sun Life president and chief executive officer Rizalina G. Mantaring, on the sidelines of the formal launching of its information and awareness campaign called “It’s Time,” said its volume in the last three months of 2009 grew 21 percent quarter-on-quarter.

She explained that the official numbers have still to be released sometime in March, pending the consolidation of results of its mother unit in Toronto, Canada.

In 2008, the second largest life insurance company in the Philippines in terms of premiums reported a net income of P2.3 billion, nearly 50 percent more than the P1.5 billion recorded in 2007.

Total premium income in the same period amounted to P8.3 billion, lower though than the record P8.5 billion in 2007.

Investment income, however, expanded 44 percent to P7.8 billion in 2008. 

Total assets slipped from P80.6 billion in 2007 to P78 billion.

Sun Life started an awareness and information campaign late last year. Manta-ring hopes would result in positive premium income growth in the second semester.

Economic forecasts indicate that the country’s economy would expand between two percent to 4.5 percent this year, with the Philippines and the Asia Pacific region expected to lead the global recovery.

The country’s life insurance industry, meanwhile, is expected to expand by another 10 percent in 2010.

Sun Life also introduced new products suited to its target market to take advantage of the positive outlook for both the industry and the economy in general.

“We are developing alternative distribution network which includes not only banking institutions but also other alternatives that will address the youth and middle market sectors,” Mantaring added.

Show comments