Our history

SLFP Philippines

The Filipinos are among the most festive people on earth. Myriad celebrations fill their lives throughout the year. Sun Life Financial is proud to have shared in these “Celebrations of Life” with the people of the Philippines for over 100 years.

For over a century, in times of war and peace, our commitment to providing quality life insurance products and services to the Philippines has been unwavering.    

1895 - 1950

1895

Dr. Edward Horsey appoints H.J. Andrews and Co., a British trader, to represent Sun Life Financial in Manila.

1898

E.E. White, inspector of agencies, visits Manila two years after the Philippine Revolution against Spanish Rule to re-evaluate business prospects. White will go on to serve as Division Manager in the Philippines for 27 years.

The agency changes to Smith Bell & Co., the most prominent British firm in the islands.

1920

Now in its 25th year in the Philippines, Sun Life Financial posts a huge growth of over Php 8 million. 

1941 - 1945

World War Two results in the suspension of Sun Life Financial’s businesses in territories invaded by the Japanese, including the Philippines, the Netherlands, the East Indies, Singapore, Burma, China, Hong Kong and Thailand. 

During the war years, Sun Life Financial runs "underground" operations.

1946

In September, the Philippines Branch pays out the equivalent of US$ 1.2 million in death claims, US$ 850,000 in matured endowment settlements, and US$ 125,000 in cash surrender value.

In November, the Philippines is the company’s leading foreign branch, placing third in the whole organization overall, only a year after the Japanese occupation of the islands ends.     

1950 - 1990

1950

Sun Life Financial expands due to a much-improved Philippine economy. It shifts from its pre-war offices in Wilson building to Singson building in Binondo District. 


1960s

Sun Life Financial posts an annualized growth rate of 9.4% in total assets and 9.8% in investments.

1970s

In its 75th year, Sun Life Financial ranks first in income with Php 14.9 million earned. From 1975-1979, the Company's average annual growth rate in investments was pegged at 27.7% while total assets increased annually by an average of 21.1%.

Two new business offices, Manila Metro and Manila Provincial, are opened. These will further improve sales growth. 

Despite a sales force that is 20 times smaller than its competitors, Sun Life Financial becomes one of the leading life companies in the region.

1980s

Despite the economic travails of the 80s, Sun Life Financial sustains premium growth with Php 91.6 million in 1981; Php 117.9 million in 1982 and Php 157.6 million in 1983.

1988

Sun Life Financial introduces reforms to streamline operations. It also offers new compensation and benefit packages for employees and agents while adopting rational schemes and technological breakthroughs to expand the field force.

1989

Our regional headquarters shift from Hong Kong to Manila.

Our staff move their offices from Philcox Building to Interbank Building, which is now known as 111 Paseo de Roxas building.

The company maintains a consistent growth in gross revenues and reaches the one billion mark.

1990 - 2000

1992

We step up diversification efforts and launch Sun Life Financial’s Group Insurance products.

1993

The Far East division is renamed the Asia-Pacific Division, indicating our interest in aggressively promoting ourselves in Asia.  

1994

Sun Life Financial rapidly expands and adds 15 new business offices and 4 sales offices nationwide. These offices are staffed by about 1,000 agents and managers serving the Manila Metro office and key cities in the northern and southern parts of the Philippines. About 450 staff members provide administrative support to these offices.  

The company experiences a surge in the amount of insurance revenues from Php 245.9 million to Php 292.7 million, while agency credit rises from Php 237.6 Million to Php 278.8 Million.

1995

Sun Life Financial celebrates its 100th Anniversary in the Philippines.

1996

Sun Life Financial ranks second in terms of Total Premium Income with a record high of Php 2,970,727,985.


1997

In ordinary life insurance, we achieve a total volume in force of Php 136 billion and a net worth of Php 2.7 billion.

Our nationwide service network adds 18 new business offices with over 1,500 sales agents and about 600 employees providing administrative support.

1998

In January, Sun Life Financial announces its plan to Demutualize.

1999

On December 15, 99% of Sun Life Financial's eligible policyholders in the Philippines participate in a landmark meeting. They vote in favor of Demutualization.


2000

SLOCPI

Sun Life Financial lists on the Philippine Stock Exchange thereby completing the Demutualization process.

On March 31, Sun Life of Canada (Philippines), Inc. (SLOCPI) becomes a subsidiary of Sun Life Financial Services of Canada.

SLAMC

On April 5, Sun Life Asset Management Company, Inc. (SLAMC), the first subsidiary of Sun Life of Canada (Philppines), Inc., starts selling Sun Life Prosperity Funds to the public.

SLFPI
On September 18, Sun Life Financial Plans, Inc.(SLFPI), SLOCPI's second subsidiary, is incorporated.

2001 - 2002

2001

SLOCPI
The Philippines branch receives a special citation from Sun Life Financial Chairman and CEO Don Stewart for reaching the Php 1 billion mark both in sales and earnings in 2000.

We’re ranked among the Philippine’s top ten “Best Employers in Asia”. We’re the first and only local insurance company to receive such internationally acclaimed recognition. 

The Best Employers in Asia 2001 is the largest and most comprehensive people management study ever undertaken in Asia.

It was conducted by Hewitt Associates in collaboration with Dow Jones and its publications, The Asian Wall Street Journal and Far Eastern Economic Review.

SLAMC

In July, Sun Life Prosperity Funds best competitors in YTD net sales across funds.

SLAMC's assets under management surpass the Php 1 billion mark. By the end of 2001, SLAMC, with its 233 licensed representatives, continued to have the highest number of licensed mutual fund representatives in the industry.  

SLFPI

In June, SLFPI starts operations as the first pre-need company in the country to offer education and pension plans that earn dividends.

Barely seven months since its inception, SLFPI moves into the top 20 list of pre-need companies from being ranked 55th earlier. Among pre-need companies, SLFPI registers the highest GCP (Gross Contract Price) per application and 3rd highest ICBI (Initial Cash Brought In) per application.


2002

SLOCPI

With the addition of Jacaranda NBO in Metro Manila and Bristlecone NBO in Iloilo City, Sun Life Financial’s New Business Offices grow to 20. With two more offices, we hope to provide Filipinos with even broader access to its relevant and quality financial services.

The Filipino-Chinese Federation of Business and Professional Women of the Philippines (FCBPWP) confers upon SLOCPI President and Chief Executive Officer Esther Tan, the 2002 Outstanding Businesswoman of the Philippines.

SLAMC

Early in December, SLAMC achieves its Php 2 billion target for gross sales in 2002.

SLFPI

SLFPI leaps into the top 10 list of pre-need companies in the Philippines as verified by the Securities and Exchange Commission's statistical report for 2002.
In this report, SLFPI ranked tenth in the industry in terms of Number of Plans Sold, GCP (Gross Contract Price) and ICBI (Initial Cash Brought In).

2003 - 2004

2004

Sun Life Financial ties up with Bancnet, the first multi-bank payment gateway, enabling clients to settle their Life Insurance premiums, Pre-need plans and Mutual Funds investments through its internet online facility.

We tap the collection facilities of several local and international banks to facilitate premium payments, investments and other transactions, making it more accessible to policyholders, investors and the agency force. The collection banks are: BPI, Security Bank, Equitable Bank, RCBC, Unionbank, Citibank, Deutsche Bank, Standard Chartered Bank and PNB. Payments are also accepted at all SM Bayad Centers.

With the introduction of Sun Flexilink, Sun Life ventures into non-traditional insurance products. Sun Flexilink is a life insurance and investment fund in one smart package that combines both protection features and wealth accumulation. It is a variable universal life plan that provides not just life insurance but also gives the added advantage of the long-term investment growth potential of stocks, bonds, and money market accounts. It provides financial protection and full control over where premiums will be invested. It is also available in U.S. dollars as Sun Flexi Dollar.

SLAMC offers the first ever no-load fund in the Philippines - the Sun Life Prosperity Money Market Fund. This mutual fund invests in short-term peso denominated fixed income securities issued by the Philippine government and other high quality short-term instruments.

2005 - 2006

2005

Sun Life Financial Plans, Inc. (SLFPI) posts strong growth in 2004 ending the year with total revenues of P246.8 Million or 68% higher than the previous year’s level. As of September 2004, SLFPI rose to 5th spot in terms of Initial Cash Brought In (ICBI) which stood at P164 Million, after barely four years of operations. Trust Funds also totaled P465 Million by year end, which is higher than the required reserves of P426 Million.

The Sun Life Prosperity Family of Funds expanded some more with the introduction of the Prosperity Dollar Abundance Fund and the Prosperity GS Fund.

The Prosperity Dollar Abundance Fund, a bond fund, invests in dollar fixed income instruments of the Philippine Government as well as major Philippine corporations. It also invests in the bonds of governments and leading corporations in developed countries such as the US, the EU and Japan.

The Prosperity GS Fund invests in purely Philippine Government Securities. These instruments are considered virtually risk-free as these are direct obligations of the National Government.

With the introduction of these two funds, Sun Life Financial becomes the owner of the widest array of funds in the industry.

SLFP’s agency force grows further with the addition of six New Business Offices: Rosewood, Evergreen, Green Fir, Goldenrain, Royal Poinciana and Mulberry.

2006

The Individual and Group Life Insurance businesses achieve a sales growth of P1.17 billion, up 14% over last year. December 2006 sales for both individual and group life amount to P182 million, which is 84% higher than the previous year’s comparable period.

SLAMC boasts of being the first in its field to put in place the accounting system needed to adequately comply with the standards set by the International Accounting Standards (IAS). Serving as the company’s wealth management arm, SLAMC benefits from the expertise of its mother company’s close association with MFS Investment Management – the inventor of mutual funds in the US.

SLAMC ends 2006 with P867 million in sales, which is 108% higher than that of the previous year. By the year end, Sun Life mutual funds business reaches P11.4 billion in Assets under Management (AUM), reflecting a 58% increase over the previous year. Fee Income rises by 44% to P156 Million. By the end of 2006,
the year-on-year net returns of the Sun Life Prosperity Funds surpass all benchmarks.

Despite the extremely challenging times faced by the industry, SLFPI experiences an unprecedented growth rate. The SEC report for 2006 notes that the total initial collection of the country’s pre-need firms increased by 9.5% versus 2005. Excluding Sun Life, the initial collection would have decreased by 9.9%.

From third spot in terms of overall ranking in initial cash brought in (ICBI) for the year 2005, we jumped to Number 1 in year-to-date ICBI, covering January to December 2006.

In 2006, our pre-need arm posted year-to-date December sales of P838 million which is 95% higher than last year. Total revenue jumped by 95% to a hefty P1.8 billion as of year end.

2007

2007


The Integrated Services Department (ISD) proudly unveiled the Workflow Management System (WMS) set to revolutionize new business processing at Sun Life Philippines.

The Company’s life business alone has total assets of over P80 billion as of yearend 2007. It ranked number 1 in persistency ratio which speaks well of the quality of its business and, in some sense, satisfaction of its clients.

Net sales in the asset management business doubled in local currency in 2007, with Assets under Management growing by 60 per cent. This is driven by an increased awareness and demand for investment products and solid investment performance.

Gross Sales for Sun Life Asset Management Company, Inc. exceeded it P10 Billion mark, higher by some 147% over the previous year's level.

The Sun Life Financial-Philippines Foundation was duly incorporated.2007

The Integrated Services Department (ISD) proudly unveiled the Workflow Management System (WMS) set to revolutionize new business processing at Sun Life Philippines.

The Company’s life business alone has total assets of over P80 billion as of yearend 2007. It ranked number 1 in persistency ratio which speaks well of the quality of its business and, in some sense, satisfaction of its clients.

Net sales in the asset management business doubled in local currency in 2007, with Assets under Management growing by 60 per cent. This is driven by an increased awareness and demand for investment products and solid investment performance.

Gross Sales for Sun Life Asset Management Company, Inc. exceeded it P10 Billion mark, higher by some 147% over the previous year's level.

The Sun Life Financial-Philippines Foundation was duly incorporated.

2008

2008


As of year-end 2008, Sun Life Financial – Philippines posted a net income for its life business of P2.3 billion, up 44% compared to last year.

SLAMC was awarded by Investment Companies Association of the Philippines (ICAP) as having the most diversified family of funds via the Sun Life Prosperity Funds. To date, SLAMC offers of 7 funds: Bond Fund, Balanced Fund, Phil. Equity Fund, Dollar Advantage, Dollar Abundance, Money Market Fund and GS (Government Securities) Bond.

SLAMC ranked 2nd in terms of AUM with 21% market share. Prosperity Funds consistently performed well versus benchmarks.

On community development, Sun Life partnered with Philips-Philippines, ACE Hardware and World Wide Fund for Nature (WWF) in a campaign called “Bright Light” designed tocombat the ill effects of global warming.

Geographically, at the end of 2008, Sun Life Financial Philippines had a total of 32 branches, 11 sales offices, 25 International Sales Offices (ISOs) and five financial stores nationwide.