Sun Life Philippines to boost sales force, bancassurance under incoming CEO

It is pushing insurance in a nation where death and money are taboo topics.

Sun Life of Canada (Philippines), Inc. plans to expand its sales force, deepen bancassurance partnerships and push greater use of digital tools as it transitions to new leadership amid low insurance penetration in the country.

Jose Vicente “JJ” Moreno will assume the role of CEO on April 1, succeeding Benedict Sison, who is staying as chairman of Sun Life Philippines Holding Co. and the Sun Life Foundation, Inc.

Moreno joined Sun Life last year as president of its life insurance business and will lead the insurer’s next phase as it seeks to defend its market position and boost coverage in a market where insurance remains underused.

Moreno told Insurance Asia his immediate focus would be on strengthening distribution, particularly the company’s agency force, whilst continuing partnerships with banks and expanding advisory technology.

“We will strengthen our distribution system starting with our agency force, enabling them with technology,” Moreno said via Zoom. “We will also strengthen our asset management capabilities and maximise our bancassurance partnerships.”

Sun Life maintains bancassurance arrangements, including a joint venture with Rizal Commercial Banking Corp. through Sun Life Grepa Financial, Inc.

The leadership change comes as insurance penetration in the Philippines remains low by regional standards.

Premiums as a share of gross domestic product stood at 1.78% to 1.79% last year, up from 1.67% a year earlier, according to the Insurance Commission.

Total premiums reached $8.3b (P499.23b), with life insurance accounting for more than 80% of the market.

Under Sison, Sun Life expanded its health and protection portfolio, helping raise the contribution of health products to 22% of total sales from 5% before the pandemic. One such product, Sun Fit and Well, was launched during COVID‑19 and covers more than 100 critical illness conditions.

“This product addresses not only the financial needs of the client but also their health needs,” Sison said in the same Zoom call.

He said the company’s biggest constraints remain affordability and limited understanding of insurance products, which are typically sold through agents rather than bought directly by consumers.

“In the Philippines, death and money are often considered taboo topics,” he pointed out.

Moreno described distribution as the industry’s main bottleneck. Life insurance products are complex and often require financial advisers to explain them, he said, adding that the industry needs to professionalise advisory roles to attract talent and improve customer outcomes.

Sun Life plans to continue investing in digital platforms for advisers to support client onboarding, policy service and engagement, whilst maintaining its reliance on face‑to‑face distribution.

Performance will be measured not just by premium growth but by policy quality and retention, Moreno said.

Persistency ratios, which track whether policyholders continue paying premiums over time, will remain a key metric.

The leadership transition positions Moreno to steer Sun Life as insurers compete for growth in a market where insurance density reached $73 (P4,384.56) per capita in 2025, underscoring both the sector’s progress and its remaining headroom.