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Thursday, January 19, 2006
Sun Life rakes in P1.5B in profits
Sun Life Financial, one of the oldest financial services organization, ended the third quarter of 2005 with net profits of more than P1.5 billion, some 47 percent more than the comparative period in 2004.
From January to September last year, the company’s total revenue was almost P10 billion, some 12 percent higher than the figure posted a year ago.
Sun Life president and chief executive officer Lorenzo Tan attributed the strong growth to the significant gains the company realized in all its major business concerns.
“Our life and pre-need businesses all recorded positive growth despite the prevalence of what could be considered challenging times for the industry. Our mutual funds growth, on the other hand, indicates public acceptance and patronage to our move to be a major player in the wealth management business,” Tan said in a statement.
Assets
Sun Life of Canada (Philippines) Inc., the company’s life insurance arm, registered sales of almost P696 million, while Sun Life Asset Management Co. Inc. grew its assets under management figure to more than P6.7 billion, some 28 percent than the P5.2 billion recorded in end of September last year. (JBN)
For Bisaya stories from Cebu. Click here. (January 19, 2006 issue)
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