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Sun Life Financial Philippines posted record sales
growth in life insurance, pre-need and mutual funds in the third
quarter of the year resulting from the growing acceptance of
Filipinos in purchasing non-traditional products.
In a statement, Henry
Joseph Herrera, Sun Life president & chief executive officer,
said the company’s total sales reached P20 billion from life
insurance, pre-need and mutual funds as of end-September this year,
94 percent higher than in the same period last year.
“There is growing
acceptance in investing in non-traditional investments such as
mutual funds for the long term investible funds,” Herrera said.
Herrera expects the company
to sustain the momentum and remain resilient in pursuing growth
strategies for the three product lines.
“The concept of ‘flight
to quality’ is more punctuated with Filipinos now being more
inclined to finding a stable company that they can trust,” Herrera
said.
Life insurance premiums
grew by 60 percent which the total first year and single payment
premiums posted a robust growth of 325 percent.
Herrera attributed the
hefty increase in life premium to heightened consumer preference for
unit-linked products that allow policyholders to enjoy life
protection and to take control of their investment funds.
On mutual funds business,
Sun life posted gross sales of 178 percent growth compared with the
previous year’s level.
Sun Life’s pre-need
business, on the other hand, managed to increase its total
installments by 22 percent.
Herrera said that consumers
have become more discerning with their choice of companies to
entrust their hard earned money for their retirement or their
children’s education.
Sun Life Financial began
its insurance business in the Philippines in 1895. It is a member of
the Sun Life Financial group of companies, an international
financial services organization providing a diverse range of wealth
accumulation and protection products and services to individual and
corporate customers.
--Maricel E. Burgonio
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