Sun Life upbeat on growth amid leadership change

Officials of Sun Life Financial Philippines expressed optimism about the company’s prospects — and the outlook for the insurance industry as a whole — as it enters 2026 amid a leadership transition.

On 9 January 2026, Sun Life announced the retirement of its CEO and Country Head Benedict Sison after 15 years with the company. He will be succeeded by Jonathan Juan Moreno, currently president of Sun Life of Canada (Philippines), Inc., who will assume the role of CEO and Country Head effective 1 April 2026.

Sun Life said Sison will continue to serve as strategic adviser and chairman of Sun Life Philippines Holding Company and the Sun Life Foundation until 31 December 2026 to ensure a smooth leadership transition.

Following the announcement, both executives appeared at a roundtable interview on 10 January at Lanson Place in Pasay City, where they expressed confidence in the company’s trajectory heading into the new year.

“One of the things that we do at Sun Life is we don't only acquire new clients—we deepen our relationship with our existing clients. That's why we're growing,” Sison said. Under his tenure, Sun Life’s client base expanded from 5 million in 2018 to 6.2 million as of end-September 2025.

Latest data from the Insurance Commission show the Philippines’ insurance penetration at just 1.79 percent of gross domestic product (GDP) as of the second quarter of 2025—well below the global average of 5.4 percent, according to the Organisation for Economic Co-operation and Development.

Sun Life executives view this underpenetration not as a constraint but as an opportunity to boost financial literacy and reposition life insurance as a household necessity. They also pointed to a potential economic rebound, as projected by the heads of the Department of Economy, Planning, and Development and the Bangko Sentral ng Pilipinas, as a tailwind for both Sun Life and the broader insurance sector.

“Actually, life insurance is an essential [expense] because there is some certainty to it. There [are] going to be final expenses for all of us,” Moreno said. “So as people wisen up and as they become a little bit more affluent, the appreciation of life insurance and similar products will now be better enhanced.”

Moreno joined Sun Life in May 2025 and has worked closely with Sison and the local leadership team. He brings more than two decades of senior leadership experience across financial services, retail, telecommunications, healthcare, and transportation. Prior to Sun Life, he served as president and CEO of AF Payments and as chief strategy officer of Metro Retail Stores Group.

Moreno also underscored the growing role of digital marketing in expanding Sun Life’s reach among millennials and Gen Z Filipinos, many of whom are now part of the workforce.

“In the next few years, we will make insurance hip,” he said. “Meaning, if you're a millennial, it's cool to buy insurance.”