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Sunlife CEO scores 20% growth in life insurance industry income

December 15, 2018 - Saturday 6:12 PM by Lovely Carillo

Sun Life Financial Philippines country head and Chief Executive Officer (CEO) Benedict Sison (middle) urged Filipinos to invest in their future during the SINAG AWARDS Thanksgiving Celebration held at the Bonifacio Global City in Taguig Wedneday. LOVELY CARILLO

BGC, TAGUIG-Filipinos are becoming more financially literate as shown by the continuous growth of the life insurance industry which was pegged at 20 percent for the first nine months of the year.

“I am happy to share that for our part Sun Life’s total premium income actually grew much faster than the industry growth rate,” Sun Life Financial Philippines country head and Chief Executive Officer (CEO) Benedict Sison said during the SINAG Awards held at the Bonifacio Global City in Taguig Wednesday.

With this achievement, he said, Sunlife continues to be on track to achieving its goal of serving five million clients by end of 2020.

“We are currently at three million which means more and more Filipinos are realizing the value of insurance and investments as key assets to a brighter life,” he added.

Despite this, Sison said, there is a need to touch and uplift many more lives. He said financial literacy and inclusion are relevant in ensuring the nation’s progress.

Sison said Sunlife’s topmost aspiration is to help Filipinos undersrtand the importance of savings, insurance and investing for the future.

The company also aims to play an active role in helping them understand the important role of financial instruments in this pursuit.

He said Sunlife provides its clients more options through their investment and insurance products.

Despite this growth, he said the rate of insurance penetration in the coutnry is still low at 12 percent of total output compared to almost two percent in Indonesia and 3.5 percent in Malaysia.

He is, however optimistic that insurance penetration in the coutnry will improve within the next five years given the concerted efforts of the industry.

The Q4 2018 Consumer Expectations Survey (CES) survey conducted by the Bangko Sentral ng Pilipinas (BSP) shows that the percentage of Filipino households with savings has increased from 32.5 percent during the third quarter of 2018 to 32.8 percent in the next quarter which means more Filipinos are starting to realize the importance of saving.

Based on the survey, Filipinos are saving up for various reasons including emergencies, health and hospitalization, education, retirement, purchase of real estate and business capital and investment.

Previous reports by the BSP shows that of the 36 million Filipino who have bank accounts, 23 million have balances below P5,000 which is not much of a security financially.