Sun Life reports robust growth in 2007

Sun Life Financial-Philippines has reported combined sales of P26.1 billion in 2007 from its three product lines — life insurance, pre-need and mutual funds. The yearend result is 61 percent higher compared to the same period last year.

Total premiums of its life insurance business grew by 48 percent to P13.1 billion from a year ago level. Unofficially, that allows the insurer to retain its third place overall among the life insurers in the country’s life insurance industry.

Total first year and single payment premiums posted a dramatic growth of 221 percent.

Sun Life president and chief executive officer Henry Joseph Herrera said that growth was primarily due to heightened consumer preference for variable or unit-linked (VUL) products that allow policyholders to enjoy life protection as well as investment funds.

Its mutual funds business meanwhile reported gross sales of P11.2 billion, up by 92 percent from the previous year’s P5.8 billion.

“We have a fast-growing industry in mutual funds, now becoming a more popular choice among Filipinos in terms of their investment options. They choose to invest in instruments, which they know will give them the better long-term returns compared to other traditional savings products, “ Herrera said.

Sun Life claims to have fund managers who have a keen sense of market trends as evidenced by outperforming benchmarks of managed funds particularly the balanced and equity funds.

The pre-need product also managed to increase its total installments to P1.8 billion.

Institutional and individual consumers are more discerning with the companies for their retirement as well as children’s education.

“Filipinos are more inclined to finding a company that is reputable and has a long staying track record over the years. Sun Life has been here for 113 years now and the company has cemented a special bond with generations of Filipinos through its products and services,” Herrera said in a statement.

Aside from reliable fund managers, Sun Life relies heavily on its agency force, product offerings, and customer service.

“We will sustain the momentum and remain resilient in pursuing our growth strategy for our three product lines,” Herrera stressed.

Sun Life Financial introduced life insurance in the Philippines in 1895 and is a member of the Sun Life Financial group of companies, a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individual and corporate customers. – Ted Torres