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Published April 24, 2021, 6:30 AM
Sun Life of Canada (Philippines), Inc. retained the number one spot as the country’s top life insurance company, marking its 10th straight year of industry leadership.
Based on the latest report from the Insurance Commission, Sun Life Philippines posted a premium income of P39.27 billion, outperforming its closest contender by P8 billion in total premiums.
Photo credit: https://www.sunlife.com.ph/en/
“We dedicate this milestone to our clients whose trust and support motivated us to keep excelling and innovating,” Alex Narciso, Sun Life Philippines president said in a statement.
“We also share this with our advisors and employees who remained faithful to our mission despite all the challenges we faced last year,” Narciso added.
Sun Life, Prudential top life and non-life insurers in 2020 bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
In the lawsuit, Mosten Investment LP had argued that Manufacturers Life Insurance Co. s universal life insurance policy allowed for unlimited deposits and a guaranteed return.
The case caught the attention of prominent short-seller Muddy Waters, which argued in 2018 that a ruling in Mosten s favour could lead to billions of dollars of losses.
But Manulife says it was successful in arguing that policyholders cannot make unlimited deposits into universal life insurance contracts and that deposits must relate to amounts required to pay the life insurance premium.
Ronald Miller, one the lawyers who represented Mosten, says the firm is reviewing the decision, and is disappointed the court would permit governmental interference into a contract that was issued decades before the new regulations were passed.