SUN Life Financial-Philippines posted sales of more than P13 billion for the first six months of the year, where its first semester result is 97-percent higher compared to the same period last year.

The results were based on the performance of its three product lines—life insurance, preneed and mutual funds—the company said in a statement.

In the statement, the company also said that total premiums grew by 59 percent for its life insurance business. Total first year  and single payment premiums posted more growth at 350 percent. 

President and chief executive officer Henry Joseph Herrera said the growth in life premiums was mainly due to increased consumer preference for unit-linked products, which allow policyholders to enjoy life protection and also take control of their investment funds at the same time.

As for the company’s mutual funds business, Herrera said gross sales grew 176 percent compared to last year’s level. “More and more Filipinos today have shifted to mutual funds as their investment option. They choose to invest in instruments which they know will give them the better long-term returns compared to other traditional savings products.”

Herrera also credited the reliability of  Sun Life’s fund managers for showing a keen sense of market trends. “This is evidenced by the consistent outperformance of benchmarks of our managed funds particularly our balanced fund.”

Sun Life’s pre-need business, on the other hand, managed to raise its total installments by 34-percent despite continuing industry challenges. Herrera stressed that consumers are now more discerning with companies they entrust their hard earned money for their retirement or their children’s education. “Filipinos are now more inclined to finding a stable company that they can trust.”

Herrera attributed this success in all of the company’s three business lines due to its strong agency force, innovative product offerings and customer service. He also emphasized Sun Life’s firm resolve to pursue its goals and attain industry leadership.

“We will sustain the momentum and remain resilient in pursuing our growth strategies that have been very effective for our three product lines,” Herrera added.

Sun Life Financial introduced life insurance in the Philippines in 1895 and is a member of the Sun Life Financial group of companies, a leading international financial services organization with a wide range of wealth accumulation and protection products and services to individual and corporate customers.

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SUN Life Financial-Philippines posted sales of more than P13 billion for the first six months of the year, where its first semester result is 97-percent higher compared to the same period last year.