Sun Life Philippines eyes continued growth despite weak economic prospects

SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) is looking to position insurance as an “essential” expense as it targets continued growth despite weak consumption amid the economic fallout from a wide-ranging corruption scandal.

“I was thinking, if we are able to position life insurance as an essential spend, that’s probably where we’ll be able to get a little bit more of some growth from that side,” Sun Life Philippines President and incoming Chief Executive Officer (CEO) and Country Manager Jonathan Juan “JJ” D. Moreno told reporters at an event on Saturday.

Philippine gross domestic product (GDP) sharply slowed to 4% in the third quarter of 2025 as a graft scandal linked to government flood control and infrastructure projects hit consumer and investor confidence, stalling both public and private spending.

Mr. Moreno said the economic impact of the issue has affected businesses in varying degrees.

“I did a bit of research with my fellow presidents and CEOs in various industries, and I’ve been told that in retail, they’re growing approximately the same as GDP — more or less GDP or beating GDP. Construction obviously is down, logistics is down — so, different industries are affected differently. Basically, the more resilient ones are the ones that are going into the more essential side of the business.”

Sun Life Philippines outgoing Country Manager and CEO Benedict C. Sison said the insurance industry is still positioned to grow this year despite this challenging operating environment, noting how premiums have shown steady growth since 2019 despite the coronavirus pandemic and geopolitical risks.

“That tells you how resilient the industry is. It’s very resilient. So, in regard to whether it will grow, I think it will. It is very resilient. Because at the end of the day it (insurance) is essential,” he said.

For its part, Sun Life Philippines expects its ongoing digital transformation to help its business, Mr. Moreno said.

“We have, as of the fourth quarter last year, moved three major systems to a new system… We are now going to fully experience the benefits of that by the second quarter this year.”

Mr. Sison added he expects their customer base to “inch up” this year from 2025 as the insurer focuses on building client relationships to grow premiums.

He said they are confident that they ended 2025 as the country’s top life insurer in premium terms for the 15^th straight year.

At end-September, Sun Life Philippines topped the sector with a premium income at P44.73 billion. — A.M.C. Sy