Sun Life surges to the top in important Asian market

Insurer secures top spot for the sixth straight year in a row

Sun Life surges to the top in important Asian market

Insurance News

By Lyle Adriano

A Canadian insurer has emerged once again as the top insurance company in the Philippines for the sixth straight year.

Sun Life of Canada Philippines maintained its top spot for the sixth year thanks to its total premium income in 2016. According to data from the local Insurance Commission, Sun Life posted PHP31.8bn last year—a PHP10bn lead over its nearest rival, Philippine AXA Life Insurance with PHP21.5bn in total income.

Taking into account the operations of Sun Life Grepa Financial – Sun Life’s joint venture with local conglomerate the Yuchengco Group – the Sun Life group made a total of more than PHP37bn in premium income last year. The group also took a market-leading share of 20% the previous year.

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“The previous year presented several challenges to the insurance industry with the decline in premium production and market volatility,” Sun Life president and CEO Riza Mantaring told the Philippine Daily Inquirer. “But thankfully, Sun Life was able to endure all these and still sustained leadership.”

The other insurers that made the list included BPI Philam Life Assurance (PHP19.31bn), Philippine American Life (PHP19.21bn), Pru Life Insurance (PHP18.1bn), Manufacturers Life (PHP16.6bn), Insular Life (PHP12.3bn), BDO Life (PHP8bn), Manulife ChinaBank (PHP7.3bn), and Sun Life Grepa Financial (PHP5.78bn).

Philippine Daily Inquirer reported that the Philippines’ life insurance industry posted a combined premium income of PHP182.79bn in 2016.

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