Sun Life upbeat on growth amid leadership change

Officials of Sun Life Financial Philippines are expressing 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.

Deepen relationship with existing clients

“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 Insurance Commission data 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.

An essential expense

“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.”