Sunlife of Canada (Philippines) Inc. continues to be optimistic of its prospects in the Philippine insurance industry amid a low penetration rate for the product, giving it more headway to new markets.
Benedicto Sison, Sunlife Philippines country head, said the company will put up more branches in the provinces to expand its reach and access untapped provincial markets.
This after the company’s client base reached 5 million last year, one year ahead of its target, up from just 1.5 million insured in 2015.
During the company’s launch of the start of its celebration of Sunlife’s 125 years in the Philippines Thursday, Dean Connor, Sunlife chief executive officer, said the Philippines has been consistent in posting above 5 percent economic growth “on a sustained basis,” which is beneficial to financial services businesses like that of Sunlife.
Leo Grepin, Sunlife Asia president, said the Philippines is Sunlife’s strongest market in Asia.
Grepin added that Sunlife Philippines has been consistently growing at double-digit rate in the past several years not just in terms of increasing client base but also in profitability.
