TORONTO (Yosefardi) – Sun Life Financial Inc. continued to grow its agency sales force in Indonesia, surpassing 7,100 at the end of 2013.
While insurance sales in 2013 were up 31% compared to 2012. Its operation in Indonesia is managed by PT Sun Life Financial Indonesia. Sun Life reported its SLF Asia booked operating net income of $42 million in the fourth quarter of 2013, compared to $50 million in the fourth quarter of 2012.
Total individual life sales in the fourth quarter of 2013 were up 9% from the fourth quarter of 2012. Sales increased in the Philippines, Hong Kong and Indonesia, 11%, 30% and 24%, respectively, measured in local currency, driven by growth in agency and bancassurance channels.
For Asia, Sun Life reported net income of $150 million in 2013, compared to $129 million in 2012. Net income in 2013 reflected favourable impacts in the Philippines, Hong Kong and Indonesia from market experience, realized gains on the sale of AFS assets and business growth, and reduced new business strain in China.
Individual life insurance sales in 2013 were up 12% from 2012. Sales increased in the Philippines, Hong Kong and Indonesia compared to 2012. Sales in Indonesia were up 31% as a result of distribution growth. “We expanded our footprint in Asia in 2013, entering both the Malaysian and Vietnamese markets.
Both operations are off to a strong start, with full year sales and value of new business ahead of planned levels,” Connor said. “In Hong Kong, the Philippines and Indonesia we saw strong sales driven by growth in all channels,” Sun Life commented.