June 19, 2012, Business World Online
SUN LIFE Financial Philippines (Sun Life) said its first year premiums rose by more than a third in the first quarter.
“Our first year premiums increased by around 36% in the first quarter from last year,” said Sun Life Financial Philippines President and Chief Executive Officer Rizalina G. Mantaring in an interview last Monday on the sidelines of a forum in Makati City.
Sun Life’s first year premiums — premiums due on the first year a policy is in force — amounted to P3 billion in the first quarter last year.
“The increase can still be attributed to the successful execution of our operations,” Ms. Mantaring said, citing growth in Sun Life’s agency force, its provincial expansion and premiums from our investment-linked products
Sun Life, she said, wants to bring the number of its agents to 4,000 from 3,600 last year.
Sun Life has 63 sales offices nationwide, 28 of which are located in provincial areas.
Ms. Mantaring also reiterated the company’s interest to participate in the government’s public-private partnership (PPP) program.
“We are exploring the possibility of participating in the government’s PPP projects… but it will depend on the characteristics of the projects. We would have to assess the risk profile and the returns we will get,” she said.
Sun Life, she said, prefers “long-term projects” that will provide the company a “fairly stable flow of income over a long period of time because as insurers we have long-term guarantees.”
Among the PPP projects to be rolled out this year, Ms. Mantaring said “some look interesting,” but did not identify projects that Sun Life is interested in. — A. R. R. Gregorio
