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INSURANCE GIANT SUN LIFE OF Canada has mapped out an aggressive five-year expansion program that aims to double its net income and agency force, quadruple sales and potentially become the largest player in the Philippine market.
Sun Life Financial, which recently celebrated its 10th listing anniversary on the Philippine Stock Exchange, has been in the local market for 115 years and is the country’s second biggest insurance provider.
In an interview at the sidelines of the listing anniversary on Thursday, SLF Philippines president Riza Mantaring said the company had set targets for the next five years that were “more aggressive than we ever had.”
The plan requires the hiring of additional manpower to expand the agency force to 5,000 from the current 2,500 in five years as well as grow the distribution channel in provincial areas. At present, 70 percent of the company’s sales come from Metro Manila.
Mantaring said the company recently created a team to focus on provincial expansion. The goal is to strengthen brand visibility in various key cities.
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