Springboard and growth model: Sun Life cites Phl operations

MANILA, Philippines - The Philippine operations of Sun Life Financial serves both as a springboard and a growth model for its expansion into other markets in the Asean region, a top executive of the Canada-based insurers said.

Sun Life Financial president for Asia Kevin Strain said the Philippines is not only one their best performing subsidiaries, but “is an example and brand model for Sun Life Financial growth in Asia.”

Over the past two years, Sun Life Financial Philippines has become the leader in the life insurance industry in terms of gross premium income. Also under it is a mutual fund company, a bancassurance joint venture, and a business process outsourcing (BPO) firm.

He said the Philippines “lends” its executives to subsidiaries in Vietnam and Malaysia.

“Our executives from India, Vietnam and Malaysia periodically visit Sun Life Philippines to learn the mechanics of building a successful business, and expand the brand presence,” the region’s chief executive said.

Likewise, the 400-seat BPO of Sun Life Financial Philippines services clients of other Asian counterparts. “It helps build up our businesses in Asia, Canada and the US.”

SunLife Grepa, the bancassurance joint venture company between the Rizal Commercial Banking Corp. (RCBC) and Sun Life Financial Philippines, contributes 25 to 30 percent of the group’s total premium income.

It ranked eight best among the 30 life insurance companies with P5.8 billion in total premium income.

Sun Life Financial Philippines gross premiums reached P20 billion in 2012, leading the industry that reported total premiums worth P120 billion.

Sun Life Financial Philippines has a client base of 350,000, an agency force of 5,000, and another 200 bancassurance executives (located in RCBC branches).

Strain said Sun Life Financial wants its Philippine operations to report new business worth P5 billion in 2015. He said Asia contributes 10 percent of the net revenues of Sun Life Financial.