Sun Life Phl outperforms East Asian counterparts

MANILA, Philippines - Sun Life of Canada (Philippines) Inc. recorded a 49-percent increase in individual insurance sales in the fourth quarter of 2014, outperforming Malaysia’s 37 percent, Indonesia’s 19 percent, and Hong Kong’s five percent.

Based on a report submitted to the Philippine Stock Exchange, Sun Life Financial Inc. said among its subsidiaries in East Asia the Philippines outperformed the rest of its counterparts.

The Philippines also accounts for the largest share of the premium and revenue base of Sun Life in the region.

For the entire Asian region, however, China recorded the highest sales for individual insurance at a growth rate of 65 percent.

Canada-based Sun Life said the strength of individual insurance sale was driven mainly by agency channel. For China and Malaysia, sales were driven by growth in the bancassurance and telemarketing channels.

Sun Life Financial president and chief executive officer Dean Connor said Sun Life Asia reported a robust fourth quarter that strengthened an already impressive 2014.

“Individual insurance sales increased 26 percent compared to the same period in the prior year, spurred by contributions from the Philippines, Hong Kong, Indonesia, China and Malaysia,” Connor said.

He added that Asia had a strong momentum in the wealth business, particularly in Hong Kong where sales of Mandatory Provident Funds increased 41 percent versus the same period in 2013.

Asia operations reported a net income of $182 billion in 2014 or 21 percent higher than the P150 billion the previous year.

The report noted that Sun Life of Canada (Philippines) achieved strong sales through the agency channel in 2014, with a growth of 16 percent from 2013.

Sun Life Financial Philippines president and chief executive officer Riza Mantaring confirmed the report in an earlier interview.

“We produced record sales in the last quarter of 2014, accompanied by reports the Philippine economy remains in its sweet spot,” Mantaring said.

She further explained that sale of regular pay premiums grew 30 percent, outpacing single-pay premiums.

Sun Life has been the leading life insurance company in terms of total premium income in the past two years.

Sun Life Grepa Financial Inc., the bancassurance joint venture with the Yuchengco Group, is considered the fastest-growing insurance company in the Philippines. In 2013, it was ranked seventh overall in terms of total premium income.