Sun Life posts record Q4 sales

MANILA, Philippines - Sun Life of Canada (Philippines) Inc. said it is optimistic 2015 will once more be a banner year based on strong economic growth and its premium sales in 2014.

“We produced record sales in the last quarter of 2014, and the economy is forecast to remain in its sweet spot,” Riza Mantaring, president and chief executive officer of Sun Life said, during the formal launching of Sun Life Amphitheater at the Bonifacio Global City.

Sun Life is part of Sun Life Financial Philippines, a subsidiary of Sun Life Financial Global listed in several stock exchanges including the Philippine Stock Exchange (PSE).

In 2013, Sun Life reported total premiums of P29.7 billion, retaining top position among the country’s life insurance companies.

Mantaring said sale of regular pay premiums grew 30 percent, outpacing single-pay premiums. Regular pay life insurance premiums are paid in tranches while single pay are one-time payments in nature.

 “Insurers prefer recurring business and that come from regular-pay premiums,” she said.

Even Sun Life’s health insurance has been moving “above plan” or better-than-target, although it is still a small contributor to the insurer’s total premiums, she added.

Meanwhile, Sun Life Grepa Financial, the bancassurance joint venture between the Yuchengco Group and Sun Life, already posted a 106 percent growth to P12 billion in 2013, and industry sources indicate that 2014 contributions will again outperform the previous year.

Mantaring said the country’s life insurance industry will likely report total premium income below the record P170 billion in 2013 but better than the P120 billion in 2012.

“The targeted P150 billion in total premiums however can easily be achieved,” she added.