TBC News

Tag: Insurance Commission

  • $32-billion life insurance giant leads in PH for 13 years in a row

    $32-billion life insurance giant leads in PH for 13 years in a row

    Sun Life of Canada (Philippines), Inc. has once again secured its position as the leading life insurance company in the Philippines for the 13th consecutive year.

    The company’s remarkable achievement comes on the heels of an impressive performance in 2023, where it amassed a Total Premium Income of PHP 55.79 billion, solidifying its status as the preferred choice for individuals seeking financial security and peace of mind.

    According to the 2023 report released by the Insurance Commission, Sun Life also excelled in other key financial metrics, ranking first in Total Assets with PHP 306.33 billion and Net Income with PHP 8.79 billion.

    These figures underscore Sun Life’s financial strength and stability, reaffirming its commitment to providing reliable and comprehensive life insurance solutions to its clients.

    Benedict Sison, CEO and Country Head of Sun Life Philippines, expressed gratitude for the continued trust and confidence that clients place in the company.

    He emphasized that being consistently ranked as the top life insurance provider signifies the unwavering commitment of Sun Life to help individuals secure a brighter future for themselves and their loved ones.

    Sison reiterated the company’s dedication to serving its clients with excellence, highlighting the privilege of being chosen as a partner in their financial journey.

    Sun Life’s impressive milestone coincides with the celebration of its 129th anniversary, marking its legacy as the first and longest-standing life insurance company in the Philippines.

    The company’s enduring commitment to excellence and innovation has not gone unnoticed, as it recently received prestigious accolades from regional award-giving bodies.

    At the Asia Corporate Excellence and Sustainability (ACES) Awards, Sun Life was recognized as one of the Industry Champions of the Year, underscoring its leadership in promoting sustainable business practices and corporate excellence.

    Additionally, the company was honored with the Corporate Excellence Award at the Asia Pacific Enterprise Awards (APEA) for its effective talent mobilization and organizational capability, which have consistently delivered positive business outcomes aligned with Sun Life’s overarching purpose.

    Acknowledging the pivotal role played by its advisors and employees in achieving these milestones, Sison expressed gratitude for their passion and dedication.

    He credited their unwavering commitment to Sun Life’s mission of helping Filipinos achieve lifetime financial security and lead healthier lives as instrumental to the company’s success.

    As Sun Life of Canada (Philippines), Inc. continues to set industry benchmarks and uphold its legacy of excellence, clients can rest assured that the company remains steadfast in its commitment to providing unparalleled life insurance solutions and empowering individuals to secure their financial future with confidence and peace of mind.

  • Pru Life UK claims No.1 spot from Insurance Commission report

    Pru Life UK claims No.1 spot from Insurance Commission report

    Pru Life UK remained in the number one spot among life insurers in the Philippines based on New Business Annual Premium Equivalent (NBAPE) released during the second quarter of 2023.

    According to a report issued by the Insurance Commission (IC), Pru Life UK recorded a total NBAPE of Php 5.39 billion during the second quarter, resulting to an 18% increase as compared to the same period last year. Furthermore, the country’s life insurance industry as a whole also attained a 10% year-on-year growth, reaching a total NBAPE of Php 29.50 billion.

    Through strict enforcement of persistency standards for our insurance agents as well as launching various business-focused initiatives, the company continued to top the market position in terms of total renewal premium income from variable life insurance products with Php 15.84 billion, maintaining its leadership position since 2021.

    “We dedicate this remarkable milestone to our customers, employees, agency force, and partners. Pru Life UK will continue to live up to our mission to be the most trusted partners and protectors by providing simple and accessible financial and health solutions for every life, for every future,” said Eng Teng Wong, Pru Life UK President and Chief Executive Officer.

    With over 40,000 digitally-empowered agency workforce, Pru Life UK is committed to driving up financial inclusion in the country, especially targeting the unserved and underserved communities.

    Last year, the company launched PRUHealth FamLove, a first-of-its-kind critical illness protection insurance product accessible to all Filipino families of different types and sizes, including same-sex or common-law partners, parents, and adoptive families.

    As a testament to our dedication of excellence to the Philippines market, Pru Life UK was also conferred the International Life Insurer of the Year for the Philippines for three straight years, and included in the Philippines’ Best Customer List 2023 by Statista.