A Canadian company has established dominance over the marketplace in the Asia Pacific country.
It has just been announced that Sun Life of Canada (Philippines), has now been named the leading life insurance company in the market in the Philippines for the second year in a row.
This ranking was based on premium income that was brought in through the sector in 2012.
This official ranking for the local life insurance market was released by the Insurance Commission (IC), and confirmed that the insurer was still at the top of that sector. According to the IC, the company brought in P20.06 billion (around US$465 million) last year. This represents a massive increase of 44 percent over the premiums brought in during 2011.
The life insurance company also lead the industry in the area of new business, holding a strong top position.
Sun Life Philippines also saw the largest amount of new business in the life insurance industry, as it drew in about P3.2 billion (about US$73 million) in weighted first year premiums. This was another area of considerable growth, as it was 36 percent higher than it had been in 2011. When combined with its joint venture company (with the Yuchengco Group), Sun Life Grepa Financial Inc., Sun Life was able to make P26 billion (about US$600 million) in premium income, which was a mountainous growth of 86 percent over the same figure from 2011.
As a whole, the group in the Philippines was able to register growth through expansion programs, new products, agency recruitment, successful branding campaigns, and operational efficiencies.
According to the President of Sun Life Financial Asia, Kevin Strain, “We have an incredible team working in the Philippines and their hard work and dedication to customers shines through in everything they do.” He added that “With such a dedicated team – from our management to the field staff, to our incredible sales force, it is no surprise that we were number one again in the country. Congratulations to everyone at Sun Life Philippines on another amazing year.”
Sun Life Philippines is the longest standing life insurance company in the country, having originally started its operations within that region in 1985.