Saturday, September 20, 2008 Sun Life remains solvent, stable
IN response to recent reports regarding Lehman Brothers, Sun Life Financial Philippines (SLFP) announced that it has no exposure to Lehman Brothers.
Sun Life Financial Philippines remains stable and secure and continues business as usual serving our Filipino customers via world-class customer service and market leading products. The majority of SLF Philippines’ life, pre-need and mutual fund assets are invested locally.
SLFP has a long heritage in the Philippines, where it began operations in 1895, and currently provides over 1,1 million Filipinos with products and services to help them meet their financial needs.
Sun Life Financial Philippines’ parent firm, Toronto-based Sun Life Financial Inc. announced that globally it holds Canadian $334 million par value of Lehman bond securities. This represents less than 0.4 per cent of the group’s invested assets.
At the end of the second quarter, the Sun Life Financial group of companies had total assets under management of Canadian $413 billion. Our earnings were also strong, at Canadian $1.05 billion for the six-month period to June 30, 2008.
Globally, Sun Life is in a solid financial position and maintains financial strength ratings, which are among the highest of all insurers in North America. It has a strong balance sheet and is well capitalized beyond minimum requirements.
The company maintains a well-diversified investment portfolio, which produces solid returns. (PR)
