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Manila Bulletin devider Business devider Banking & Finance devider Sun Life Philippines tops life insurance industry in Q1 with ₱15-billion premiums

Sun Life Philippines tops life insurance industry in Q1 with ₱15-billion premiums

Published May 21, 2025 01:07 pm

Sun Life Philippines, the local unit of Sun Life of Canada, Inc., led the life insurance industry in the first quarter of 2025 by posting a premium income of ₱15.1 billion — the highest total premium recorded across the sector during this period, the company announced Tuesday.

“This achievement is marked by the highest total premium income garnered across the entire industry during this period,” the life insurer said in a statement on Tuesday, May 20.

On Wednesday, May 21, the Insurance Commission (IC) also reported that the country’s life insurance industry’s total premium income surged 13.9 percent to ₱99.9 billion in the first quarter of 2025. It said this was largely driven by a massive jump in single premiums under variable life insurance.

Out of around 31 life insurers, Sun Life Philippines contributed 15.1 percent of the life insurance sector’s total premium income.

Benedict Sison, CEO and country head of Sun Life Philippines, said that maintaining the insurer’s leading position in the local life insurance industry is “a testament to our enduring commitment to our clients.”

Sun LIfe Philippines noted that its “extensive network of financial advisors and diverse range of insurance and investment solutions have played a significant role in securing the top spot in the industry.

“This sustained leadership reflects the trust and confidence of Filipinos in Sun Life’s ability to deliver reliable and innovative financial solutions,” the insurance firm said.

“The company’s consistent performance underscores its deep understanding of the evolving needs of its clients, and its commitment to providing products and services that empower them to achieve their financial goals,” it added.

Last year, Sun Life dominated the life insurance industry with a full-year premium income of ₱57.2 billion. This was 18.7 percent higher than the ₱48.2 billion in premium earnings of the local unit of Pru Life Insurance Corporation of UK. It was also 43.4 percent higher than the income of FWD Life Insurance Corporation.

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Sun Life Philippines Sun Life of Canada Inc. Insurance Commission (IC) Benedict Sison CEO and country head of Sun Life Philippines
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