TORONTO, June 17, 2013 /CNW/ - Sun Life of Canada (Philippines) Inc. ("Sun Life Philippines"), has been named the number one life insurance provider in the Philippines for the second consecutive year based on premium income in 2012. Official rankings released by the Insurance Commission (IC), confirmed Sun Life Philippines was first in the local life insurance market, recording P20.06 billion (approximately C$475 million) in 2012, up 44 per cent from 2011.
Sun Life Philippines also led the industry in new business with P3.2 billion (C$75 million) in weighted first-year premiums, 36 per cent higher than the previous year. Combined with Sun Life Grepa Financial Inc., the joint venture company with the Yuchengco Group, Sun Life Philippines group made P26 billion (approximately C$613 million) in premium income, 86 per cent higher than 2011.
Overall, the Philippines group saw growth in 2012 through new products, expansion programs, effective branding campaigns, agency recruitment and operational efficiencies.
"We have an incredible team working in the Philippines and their hard work and dedication to customers shines through in everything they do," said Kevin Strain, President, Sun Life Financial Asia. "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 Philippines, operating in the region since 1895. Headquartered in Bonifacio Global City, Taguig, Metro Manila, Sun Life Philippines has 32 branches, 28 sales offices and five financial stores throughout the country. There are 750 employees and 3,800 Sun Life Philippines advisors. Sun Life Philippines offers individual insurance, education savings plans, mutual funds and retirement planning, group insurance and retirement benefits.
In addition to its current agency distribution network, Sun Life Grepa Financial, Inc. has an exclusive bancassurance relationship with the Rizal Commercial Banking Corporation, allowing it to provide insurance products to the bank's more than two million customers in over 350 branches nationwide.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2013 the Sun Life Financial group of companies had total assets under management of $571 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
SOURCE: Sun Life Financial Inc.
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