Sun Life of Canada (Philippines), Inc. retained the number one spot as the country’s top life insurance company, marking its 10th straight year of industry leadership.
Based on the latest report from the Insurance Commission, Sun Life Philippines posted a premium income of P39.27 billion, outperforming its closest contender by P8 billion in total premiums.
“We dedicate this milestone to our clients whose trust and support motivated us to keep excelling and innovating,” Alex Narciso, Sun Life Philippines president said in a statement.
“We also share this with our advisors and employees who remained faithful to our mission despite all the challenges we faced last year,” Narciso added.
According to Sun Life, its success in 2020 was made possible by the company’s quick adaption to the new environment, where it launched various digital innovations so it may continuously serve its clients.
Benedict Sison, Sun Life Philippines chief executive and country head said their commitment remains as strong as ever today despite the pandemic.
“We are here to be the Filipinos’ partner for life as they strive to achieve lifetime financial security and live healthier lives in this new landscape,” Sison said.
“We will never tire of discovering the best solutions and services that will enable them to secure their future,” he added.
Apart from retaining the number one spot in the insurance business, Sun Life was also voted last year as the Filipino people’s most trusted insurance brand in Campaign Asia’s “Top 100 Brands in the Philippines” survey.
Meanwhile, Philippine Axa Life Insurance Corp. reported the second biggest net premiums with P21.27 billion, followed by Pru Life Insurance Corp. with P30.98 billion, and Philippine American Life and General Insurance with P16.77 billion.
Other top performers in terms of premium income are BPI-Philam Life Assurance Corp. (P16.3 billion), Manufacturers Life Insurance Co. (Phils)., Inc. (P15.88 billion), Allianz PNB Life Insurance, Inc. (15.76 billion), and BDO Life Assurance Co., Inc. (P15.14 billion).
Lastly, total premiums of FWB Life Insurance Corp. and Insular Life Assurance Co. reached P13.64 billion and P10.37 billion, respectively.
Earlier, Insurance Commissioner Dennis B. Funa said that life insurance industry’s premium income rose by 5.9 percent to P247.72 billion in January to December last year from P233.92 billion a year earlier.
Funa attributed the increase to households new spending habits during the pandemic.