Sun Life Financial Company History

The Filipinos are among the most festive people on earth. Celebrations of seemingly infinite variations fill their lives throughout the year. Sun Life Financial in the Philippines is proud to have shared in these "Celebrations of Life" with a people it has served for over 100 years. During the last century, through the ravages of war and the fruits of peace, Sun Life Financial never abandoned its commitment to provide quality life insurance products and services to you and to all Filipinos. 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 is to serve as Division Manager in the Philippines for 27 years. Agency changes to Smith Bell & Co., the most prominent British firm in the islands. 1920 Now on its 25th year in the Philippines, Sun Life Financial posts a phenomenal growth of more than Php 8 Million in production paid. 1941 - 1945 World War II suspends Sun Life Financial's businesses in territories overruled by the Japanese, including the Philippines, Netherlands, East Indies, Singapore, Burma, China, Hong Kong and Thailand. During the war years, Sun Life Financial ran "underground" operations. 1946 In September, the Philippine 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 Branch leads the Company's foreign field, placing third in the whole organization, only a year after the Japanese occupation of the islands ended. 1950 Sun Life Financial expands in the context of a much-improved Philippine economy. It transfers from its pre-war offices in Wilson building to Singson building in the Binondo District. 1960s Sun Life Financial posts annualized growth rate of 9.4% in total assets and 9.8% in investments. 1970s On 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 created. These will further improve sales growth. Sun Life Financial becomes one of the leading life companies in the region despite a sales force that is 20 times smaller than its competitors. 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 Regional Headquarters transfer from Hong Kong to Manila. Staff transfer offices from Philcox Building to Interbank Building, which is now known as 111 Paseo de Roxas building. Company maintains consistent growth in gross revenues and makes its first billion mark. 1992 The Company steps up diversification efforts with the launching of Sun Life Financial's Group Insurance products. 1993 Division's name changes from Far East to Asia-Pacific Division, indicating Sun Life Financial's interest to aggressively assert its presence in Asia. 1994 Sun Life Financial expands rapidly with a network of 15 New Business Offices and 4 sales offices nationwide. These offices are manned by some 1,000 agents and managers serving Metro Manila and key cities in the northern and southern parts of the Philippines. About 450 staff members provide administrative support to these offices. Company experiences a surge in amount of insurance from Php 245.9 Million to Php 292.7 Million, while agency credit rose from Php 237.6 Million to Php 278.8 Million. 1995 Sun Life Financial celebrates 100th Anniversary in the Philippines. 1996 Industry-wide, Sun Life Financial ranks No. 2 in terms of Total Premium Income with a record high of Php 2,970,727,985. 1997 The Company achieves a total volume in force in ordinary life insurance of Php 136 Billion and a net worth of Php 2.7 Billion. The Company's nationwide service network increases to 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 takes part in a special 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, was incorporated. 2001 SLOCPI The Philippine Operations receives a special citation from Sun Life Financial Chairman and CEO Don Stewart for hitting the Php 1 Billion mark both in sales and earnings in 2000. The Company makes it to the Philippines' top ten "Best Employers in Asia". It is 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 cooperation 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 all funds. SLAMC's assets under management surpass the Php 1 Billion mark. As of year end 2001, SLAMC, with its 233 licensed representatives, continues 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 after its birth, SLFPI lands a spot in the top 20 list of pre-need companies from its former 55th place. Among the 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 Sun Life Financial's New Business Offices grow to 20 with the addition of Jacaranda NBO in Metro Manila and Bristlecone NBO in Iloilo City. With two more offices, Sun Life Financial hopes to provide Filipinos an 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 Woman in Business award. On March 20 at the Malacañang palace, Ms. Tan receives the award from Philippine President Gloria Macapagal-Arroyo, whom FCBPWP named Most Outstanding Woman Political Leader of the Millennium in the previous year, SLAMC Early in December, SLAMC realizes its Php 2 Billion target for gross sales in the Year 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 where SLFPI ranked tenth in the industry in terms of Number of Plans Sold, GCP (Gross Contract Price) and ICBI (Initial Cash Brought In). 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. Sun Life taps the collection facilities of several local and international banks to facilitate premium payments, investments and other transactions, making it more accessible to the policyholders, investors and 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. Sun Life ventures into non-traditional insurance products through the introduction of Sun FlexiLink. It is a life insurance and investment fund in one smart package that combines both protection features and wealth accumulation. Sun FlexiLink 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 is a mutual fund that invests in short-term peso denominated fixed income securities issued by the Philippine government and other high quality short-term instruments. 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 the 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 yearend, which is higher than the required reserves of P426 Million. The Sun Life Prosperity Family of Funds grew some more with 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, 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 Sun Life Financial remains to be one of the largest and most trusted insurers in the country. Individual and group life insurance business reached a sales growth of P1.17 Billion, up 14% over last year. December 2006 sales for both individual and group life amounted to P182 million, which is 84% higher than the previous year’s comparable period. SLAMCI 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, SLAMCI benefits from the expertise of its mother company’s close association with MFS Investment Management – the inventor of mutual funds in the US. SLAMCI ended 2006 with P867 million in sales, which is 108% higher than that of the previous year. By yearend, Sun Life mutual funds business reached P11.4 Billion in Assets under Management (AUM), reflecting a 58% increase over last year. Fee Income rose by 44% at P156 Million. The year-on-year net returns of the Sun Life Prosperity Funds as of end-2006 surpassed all benchmarks. Despite the extremely challenging times that prevailed in the industry in recent years, SLFPI has experienced a phenomenal growth rate never before seen in the industry. The SEC report for 2006 noted that 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 its 3rd spot in terms of overall ranking in initial cash brought in (ICBI) for the year 2005, it jumped to Number 1 in year-to-date ICBI covering January to December 2006. The global insurer's pre-need arm posted a year-to-date December 2006 sales of P838 million which is 95% higher than last year. Total revenue jumped by 95% to a hefty P1.8 Billion as of yearend. source