Sun Life income up

Sun Life of Canada (Philippines) Inc., the life insurance company of the Sun Life Financial operations in the Philippines, posted a 42-percent growth in net income, reaching P2.1 billion last year compared to P1.4 billion in 2002.

Investment income totaled P4.1 billion, up 14 percent despite the volatility of the equities market. Total revenues amounted to P12.9 billion, a four-percent increase over the previous year’s level while total assets stood at P42.8 billion, an increase of 22 percent over 2002.

Sun Life Asset Management Co. Inc., the mutual funds management company ended 2003 with funds sales up 30 percent to P2.6 billion, while total revenues of P65.5 million registered a growth of 49 percent and, assets under management (AUM) grew by 57 percent to P5 billion.

Sun Life Financial Plans Inc. grew from eight overall in 2003 to fifth in industry standings at the end of the first three months of 2004. The pre-need firm ended 2003 with total revenues at P146 million, 57 percent higher than the previous year.

Sun Life of Canada (Philippines) Inc., Sun Life Asset Management Co., Inc. and Sun Life Financial Plans, Inc. are members of the Sun Life Financial group of companies.

Sun Life Financial is an international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. As of end March, it had total assets under management of C$370 billion. – Ted Torres