130-year-old Sun Life PH unfazed by political saga
Sun Life of Canada, the country’s leading insurance firm, is unfazed by domestic political challenges and anemic economic growth triggered by the deepening probe into public infrastructure corruption.
The insurer, which has reached its 130th year of operating in the Philippines, expects its local business to grow at a double-digit pace in 2026. This is despite the series of economic growth downgrades made by a number of financial institutions following the country’s disappointing third-quarter gross domestic product (GDP) performance.
“We’re really focused on double-digit growth next year. There’s market volatility, but we’ve been through it. So we’re staying optimistic,” Benedict Sison, CEO and country head at Sun Life Financial, says in an interview with the Inquirer.
“We’ve been through several difficulties—martial law and all … If we allow [these] to affect our business, nothing will happen. So we just stay focused on our purpose to help Filipinos achieve lifetime financial security,” he says.
As such, Sison notes that Sun Life has been able to maintain its market leadership in this market.
In 2024, Sun Life topped the local life insurance industry in terms of net income (P10.68 billion) and premium income (P57.14 billion). The numbers are based on annual statements submitted to the Insurance Commission.
The double-digit growth targeted by the Canadian company for 2026 is much faster than the low- to mid-single digit GDP expansion expected by many economists for the country next year.
In the third quarter, GDP grew by just 4 percent, the worst performance seen since the recession caused by the COVID-19 lockdowns.
“We’ve developed lots of products this year. We had one or two products every quarter. Because it’s very volatile, the preference of the Filipino market changes,” he says.
Navigating the volatility
Because of the market volatility seen since the COVID-19 lockdowns, he says many clients have shifted from variable unit-linked to traditional life insurance products.
He also notes that Sun Life has been listed on the Philippine Stock Exchange for 25 years.
“It means it demonstrates our confidence in the country’s economy,” quips Sison.
He says the company is now trying to broaden its reach to include more overseas Filipino workers and high-net worth individuals—including the employees and professionals.
Overall, the Sun Life group, including various operating units, has built a local client base of more than 5 million.
“Our purpose is not only expanding the number of clients, but also deepening a relationship with the clients. That means to sell more (products to the same client),” he explains.
To date, less than 50 percent of total clients hold more than one Sun Life product, he reckons.
While the company is increasingly using digital channels, internal research shows that Filipinos “would still want to talk to somebody, to somebody they trust,” Sison says.
As such, agency force is still seen as very crucial in expanding the business.
However, he says Sun Life is likewise building its capability to harness artificial intelligence (AI), particularly agentic AI, the type of AI that can make human-like decisions using good data.
