Sun Life net profit up 44% in 2008

MANILA, Philippines - Sun Life of Canada (Philippines) Inc. has reported its net income in 2008 increased by 44 percent to P2.3 billion over the previous year’s level of P1.6 billion. It is the life insurance arm of Sun Life Financial Philippines.

“Our life insurance business continues to generate robust earnings despite the very challenging financial services environment last year, “Henry Joseph Herrera, Sun Life Financial Philippines president and chief executive officer, said.

Herrera added that stable premium revenue and resilient investment income were the main factors that hiked the insurer’s earnings.

Premium revenues reached P8.3 billion while investment income reached P7.8 billion. Compared to the previous year, total premium revenues have slowed down marginally by three percent while investment income rose by 44 percent.

“In a challenging environment, our loan portfolio remains 100 percent current, reflecting a zero-percent non-performing loan.” Herrera said.

The chief executive said that prudent management of operating expenses and good investment income.

The insurer expanded its geographic coverage with the opening of three more sales offices in the last quarter, bringing a total of eight new sales offices in 2008. Sun Life has 32 branches, 36 sales offices and five financial stores nationwide.

As of end 2008, the Sun Life Financial group of companies had total assets under management of Canadian $381 billion.