Jonalyn P.

Laurel

BS Entrep. 1-1

Mr. Nito Bienvinido

 NOTHING IS IMPOSSIBLE

I. Background Info.

Establishment- In 1895, Sun Life Financial began its operations in the Philippines
through the representation of the H.J. Andrews and Co., a British trading firm. Throughout
the Philippine Revolution, Sun Life Philippines experienced continuous growth; and by its
25th year in the country, the company posted huge growth while planting the seeds of
financial protection in the island.

Founder- Matthew Hamilton Gault founded Sun Life Financial, son of a bankrupt
Irish merchant and ship-owner, who had emigrated to Canada in 1842, had instigated its
foundation. After acting as an insurance agent, he established his own insurance company,
incorporated by an act of parliament on 18 March 1865 as the insurance company as the
Sun Insurance Company of Montreal to provide mainly fire, but also marine and life,
assurance. The company never took off, however, since under the new regulations, the fire
and life insurance business had to be incorporated separately. The same group of backers,
therefore, applied for a charter for The Sun Mutual Life Insurance Company of Montreal,
which was approved on 14 April 1871. It was actually a joint stock company with Gault as
the largest shareholder, with the ‘mutual’ intended for marketing purposes. In 1882, when
this qualifier became a liability due to the failure of some mutual societies, the name was
changed to Sun Life Assurance Company of Canada.

Reason for establishment- Sun Life of Canada (Philippines),Inc. introduced life

insurance in the Philippines in 1895, three years before the country secured independence
from the 300-year Spanish rule. During World War II, Sun Life suspended its business
operations following the invasion of the Japanese forces. However, it continued to run
underground operations. Immediately after the war ended, the company paid out the
equivalent of USD 1.2 million in death claims. Sun Life was the only insurance company
who, based solely on trust and confidence in the Filipino people, paid death claims even
without documents attesting to the validity of the claims. In the end, all claims were found
legitimate. Owing largely to prudence, resilience, and enduring trust in the Filipino people,
Sun Life Philippines survived two world wars and countless economic crises. The company
remains to be one of the largest and most stable insurance companies serving generations
of Filipinos. Today, Sun Life Philippines is a diversified financial services institution now
offering the following business lines: Life Insurance managed and distributed by Sun Life
of Canada (Philippines), Inc. (SLOCPI); Mutual Funds managed and distributed by Sun
Life Asset Management Company, Inc. (SLAMCI); and Education and Retirement Plans
administered by Sun Life Financial Plans, Inc. (SLFPI). Sun Life Philippines is backed by
close to a thousand employees; 7,800 financial advisors; 45 new business offices; 41 inter-
branch offices (ISOs), and 59 customer centers nationwide. The company has over a
million individual and group life policyholders to date. In 2014, Sun Life ranked as the
number one life insurance company in the Philippines in terms of total premiums totaling
P30.7 Billion. This is the fourth time the company topped the industry, the first time being
in 2011 when it ranked first with its total premiums of P13.9 Billion, then in 2012 with
P20.1 Billion, and then in 2013 with P29.7. Its mutual funds company, Sun Life Asset
Management Company, Inc. (SLAMCI) also posted robust growth with its assets under
management (AUM) increasing to P47 Billion as of yearend 2014. Its joint venture
company with the Yuchengco Group, Sun Life Grepa Financial, Inc., on the other hand,
posted P7.04 Billion in total premiums in 2014. Sun Life Philippines is also known to have
been the pioneer in conceptualizing a financial literacy campaign called ‘It’s time’ to
empower every Filipino to act on his financial needs. This campaign garnered both local
and international awards. Sun Life of Canada (Philippines), Inc. is a member of the Sun
Life Financial group of companies, a leading international financial services organization
providing a diverse range of protection and wealth products and services to individuals and
corporate customers. Sun Life Financial and its partners have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong,
the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia
and Bermuda. As of December 31, 2015, the Sun Life Financial group of companies had
total assets under management of $891 billion.

Type of Institution- Sun Life (Canada) Philippines is a public institution

 II. Brief Profile of Founder

GAULT, MATHEW (Matthew) HAMILTON, financier and politician; b.

18 July 1822 in Strabane (Northern Ireland), eldest son of Leslie Gault, a merchant and
shipowner, and Mary Hamilton; m. in May 1854 in Montreal, Canada East, Elizabeth
J. Bourne, and they had 16 children; d. 1 June 1887 at Montreal.

For the first years after its arrival in Canada the family was sustained by the sale of
properties in Ireland, although heavy losses were incurred with the failure of a Montreal
savings bank. Mathew and his brothers attempted farming but abandoned it after losing
about $7,000 in three years, and from 1844 to 1848 Mathew was a grocer in Montreal. In
1851 he became an agent in Montreal for insurance companies, representing the Mutual
Life Assurance Company of New York and the Western Assurance Company of Toronto;
the next year he also became agent for the British America Fire and Life Assurance
Company of Toronto. By the early 1860s he was the secretary-treasurer of the Montreal
Permanent Building Society, which became the Montreal Loan and Mortgage Company in
1875; he was named its president in 1877 or 1878, a position he retained until his death.
Many of the investors in the syndicate which controlled the society were to remain
associated with Gault in other enterprises; they comprised a cross-section of Montreal
merchants, bankers, and industrialists. From 1866 to 1870 he was the manager in Montreal
of the Royal Canadian Bank of Toronto and from 1879 he was a director of the Royal
Insurance Company of England.

In 1865 Gault assembled a syndicate of bankers and merchants, including Alexander

Walker Ogilvie*, who petitioned the legislature for a charter of incorporation for the Sun
Insurance Company of Montreal. Parliamentary assent was obtained on 18 March 1865 but
difficulty in raising funds under the terms of the original charter, as well as general
economic uncertainty, postponed the actual commencement of operations until
27 Dec. 1871 as the Sun Mutual Life Insurance Company of Montreal (it became the Sun
Life Assurance Company of Canada in 1882). Gault became the company’s first managing
director and with 500 shares, worth approximately $5,000, its largest shareholder. Much of
the firm’s initial success was due to Gault’s technical skill, actuarial acuteness, and
organizational talent.
In 1873 Gault assumed the presidency of the Exchange Bank of Canada, founded the
previous year, many of whose shareholders were board members or shareholders of the
Sun Life. Gault resigned as managing director of the Sun Life on 31 March 1879 when he
and Robertson Macaulay*, the firm’s secretary, disagreed over the company’s investment
policy, especially with regard to holdings in the Exchange Bank and the Montreal Loan
and Mortgage Company, but on 10 September Gault was elevated to vice-president of the
Sun Life. However, he had to resign this post in 1883 when the Exchange Bank failed and
the Montreal Loan and Mortgage Company temporarily collapsed. Gault was president of
both and had been instrumental in inducing Sun Life to invest substantially in them. As a
result Macaulay, then Sun Life’s managing director, and a group of rebellious shareholders
forced Gault to resign. His brother, Andrew Frederick Gault*, an important Montreal dry
goods merchant and textile manufacturer, replaced him as vice-president. In 1887, when
he failed in his bid to gain control of the company, A. F. Gault sold all but 43 of the shares
held by the Gault family in the Sun Life, receiving $39,000 for the 1,300 shares. Soon after
the 1883 failure, shareholders of the Exchange Bank had brought suit in an attempt to make
Mathew Gault, as president, responsible for the recovery of funds borrowed by the bank’s
directors. The courts, however, placed full responsibility upon the bank’s manager, Thomas
Craig, Mathew’s brother-in-law and an associate in the Montreal Loan and Mortgage
Company, who, at the height of the scandal, absconded to New York.

Gault also held directorships in such diverse organizations as the Montreal Mining
Company, of which he was vice-president from 1872 to 1887, the Richelieu and Ontario
Navigation Company [see Sir Hugh Allan], the Dominion Telegraph Company, the
Windsor Hotel Company of Montreal (the hotel opened in 1878), the Railway and News
Advertising Company, the Canadian Navigation Company, and several cotton companies.
In addition he had been, in his early days, an active member of the militia and retired from
it with the rank of captain in the Montreal Garrison Artillery Brigade. For many years he
was a justice of the peace of the city of Montreal and a warden of Christ Church Cathedral.
He was a founder and the first president of the Irish Protestant Benevolent Society of
Montreal, a trustee of the Mount Royal Cemetery Company, a member of the board of
management of the Montreal Protestant House of Industry and Refuge, and a director of
the Montreal General Hospital and of the Montreal Sailors Institute.
Gault numbered among his intimates many members of the Conservative party, including
Sir John A. Macdonald* and Sir George-Étienne Cartier*. Active in several federal
election campaigns in Montreal, Gault was himself induced to run for the Conservatives in
1878. Cognizant of the importance of the votes of workingmen and the weakness of
Alexander Mackenzie*’s appeal to them, Gault campaigned vigorously in the working
class districts of the Montreal West riding as a supporter of the National Policy. He enjoyed
the endorsement of Montreal mayor Jean-Louis Beaudry and several local businessmen,
and defeated his opponent, merchant William Darling. In the House of Commons he was
not active in debate, his chief concern being the maintenance of the protective tariff. He
took a keen interest in party matters, however, and was in frequent communication with
Macdonald about various patronage questions and issues affecting Montreal’s prosperity.
Although ill in 1882 he was re-elected in Montreal West with a large majority.

After a protracted illness Gault died on 1 June 1887. A tall, handsome man, with
fashionable mutton chops, he was, in spite of the Exchange Bank disaster, a respected and
highly esteemed member of the Montreal business community. About 1869 he had
acquired Braeside, a mansion on McTavish Street, high on the slope of the mountain near
McGill College, which commanded a superb view of the city and the surrounding
countryside. In addition he had a summer residence, Rockcliffe, at Cacouna, Que.

III. Periods

1865- Sun Life began its journey of exploration, two years before the Confederation of
Canada was born

1880s- Sun Life begins its worldwide expansion, and by 1920 operates in 55 countries.
This includes Hong Kong in 1892, the U.K. in 1893, and the Philippines and the U.S. in
1895, where we operate to this day.

-tumultuous year for the Philippines especially for the economy. Despite this turn of events,
Sun Life managed to maintain its status as a company that could balance growth, client
commitments, and employee welfare. The end of the decade marked the year when the
regional office was transferred from Hong Kong to Manila, signifying a country’s rise after
decades under a violent dictatorship.

1940-1945- Sun Life Philippines was forced to suspend its operations. Nevertheless, the
company maintained underground operations to support its clientele.

Post-war years (1958-1984) By the end of the war, everyone started rebuilding and true to
its commitment, Sun Life Philippines paid a total of US$2.175 Million worth of death
claims, matured endowment settlements, and cash surrender value to its surviving clients.
As post war recovery goes full swing, Sun Life Philippines boasted continuous growth with
an increase in assets and investments, while protecting the future of more Filipinos.

1970- coincided with the 75th Anniversary of Sun Life in the Philippines. It was also during
this time that Sun Life Philippines ranked No. 1 in terms of income with ₱14.9 Million
worth of earnings. Two new business centers were opened; one for Metro Manila and
another for Manila Provincial, which should further boost sales and serve more clients.
Although the company’s sales force was quite small compared to its competitors, it became
one of the top players in the insurance industry in the entire region.

1990s- became the decade of revolution for Sun Life Philippines beginning with more
focus on its Asian identity as Sun Life Far-East Division became Sun Life Asia-Pacific
Division. This change of name coincided with Sun Life’s 100th anniversary in the
Philippines, making it one of the oldest insurance companies operating in the land. The 90s
also marked the decade when Sun Life Philippines “demutualized” with 99% of qualified
policy owners voting in favor.

By the end of the century, Sun Life was motivated to do more and be more as it prepared for a
major organic change under the process called ‘demutualization’ - transforming from a branch of
a mutual company offering a single product, life insurance, to a wholly-owned subsidiary of a
publicly-traded stock company.

March 2000 - Sun Life Financial shares were traded on the Philippine stock Exchange for the first
time. It had the biggest number of shareholders at the local bourse that year with 194,000
shareholders during initial listing.
This most important milestone provided opportunities for Sun Life Philippines to expand its
product offerings even further.

April 2000- launching of Sun Life’s mutual funds business with the creation of its first subsidiary,
the Sun Life Asset Management Company, Inc. that offered the biggest family of mutual funds in
the country then. Following this development shortly was the launching of its 2nd subsidiary, Sun
Life Financial Plans, Inc. which offered the industry’s first participating pre-need plans.

2005- Sun Life Financial Plans (SLFPI) ended 2005 in the third spot following the
company’s launching of an innovative marketing and promotions program in October that
year.

2006- Sun Life Financial Philippines has recorded impressive business growth across its
pre-need, asset management and life insurance businesses in 2006.

2011- Sun Life finally took the top spot in premium income in 2011, overtaking its leading
competitor who reigned for over 60 years. Sun Life’s rise to the top was the culmination
of wholehearted and collaborative efforts of all the members of the Sun Life family.

It was also in 2011 when Sun Life Financial signed a joint venture agreement with the
Yuchengco Group of companies for the creation of Sun Life Grepa Financial, Inc. that
marked Sun Life’s entry into the bancassurance business.

2015- As it celebrated its 120th anniversary in the Philippines in 2015, Sun Life sustained
its strength and prominence despite a more challenging environment.

In 2015, the company successfully completed and achieved all the goals under its 5-year
growth plan (crafted in 2010) called “Route 5” which served as the company’s driving
force to attain 5 Billion in Net Income, 5 Billion in AFYP, 50 Billion in mutual funds AUM
and 5,000 advisors, all done in five years. The year culminated with Sun Life receiving the
‘Life Insurance Company of the Year’ award at the 19th Asia Insurance awards in
Singapore, and the distinction of being the ‘Employer of the Year’ given by the
Management Association of the Philippines.

Beyond the numbers and the accolades, however, Sun Life is never remiss of its duties as
a good corporate citizen, consistently lending a hand to those in need through the Sun Life
Philippines Foundation. It is a task that the company does with much passion.
In celebration of Sun Life’s 120th, the Foundation mounted the ‘120 Rays of Giving back’
program that extended assistance to various underprivileged communities in Luzon,
Visayas and Mindanao. Assistance came in the form of fishing boats and school buildings
and supplies for calamity victims, and the provision of health care and basic needs like
electricity and water systems which helped alleviate the livelihood of the underserved
Filipinos in far flung areas, among others.

2018- Sun Life pioneered digital insurance, boosted services for the middle market segment
through strategic partnerships, leveraged technology to improve processes, and
strengthened its health and wellness thrust. All these resulted to a significant growth in the
company’s client base, which is now at 4.3 million. Meanwhile, its number of advisors also
increased to over 14,000.

2019- For the eighth year in a row, Sun Life of Canada (Philippines), Inc. (“Sun Life”)
was once again named the No. 1 life insurance company in the Philippines. According to a
report released by the Insurance Commission, Sun Life bested other companies in terms of
premium income, as it garnered P37.39 billion in 2018. The company also led in in new
business annual premium equivalent, which amounted to P8.22 billion.

July 2019- Piolo Pascual, Inigo Pascual, Enchong Dee, Matteo Guidicelli, and Charo
Santos-Concio are set to reveal who their lifetime partners are, in a deeply personal
campaign which they co-created with Sun Life Financial dubbed “Kaakbay: Stories of
Lifetime Partnerships.”
At the center of the campaign is a set of videos which shows how their lives were made
brighter with the help of their respective lifetime partners, who believed in them,
supported them, and inspired them.

IV. Contributions to the Society

 Sun Life contributes to the community through donations, sponsorships, responsible
governance and care for the environment.

Donations and sponsorships

The Philippines’ SunPIOLOgy Run

In the Philippines, where diabetes is expected to grow at one of the fastest rates in Asia,
Sun Life teamed up with Filipino celebrity Piolo Pascual for the SunPIOLOgy Run, a
fundraising fun run. The unique course had a variety of challenges along the route to raise
awareness about diabetes. For example, runners needed to avoid obstacles such as fences
designed like huge chocolate bars and drum barrels that looked like giant soft drink cans.

The SunPIOLOgy Run benefited a number of charitable partners focused on diabetes

awareness and prevention, including the Institute for Studies on Diabetes Foundation
(ISDFI).

Diversity and Inclusion

At Sun Life, we’re committed to creating an inclusive and respectful environment,

where all Employees can contribute to their full potential. A diverse workforce with wide
perspectives and creative ideas benefits our Clients, our colleagues and the communities
where we operate. Our success depends on it.

We take pride in our inclusive environment that not only supports our Employees in all
their diversity but also reflects our Clients and communities, allowing us to better serve
their unique cultures and needs.

Committing to diversity and inclusion is the responsible thing to do, but it’s much more
than that – it helps our Clients, colleagues and communities shine, it leads to innovation,
collaboration and high performance and it will continue to be a longstanding value at Sun
Life.

Diversity and inclusion at Sun Life

 It’s important to us that we commit to diversity and inclusion in the workforce in a
variety of ways:

Recruitment. Sun Life has inclusive recruiting policies and practices, which are focused
on obtaining diverse outcomes.

Leadership development. Our training programs help leaders understand and manage the
unconscious biases that can influence actions and decision-making.

Regional programming. We reinforce our commitment to an inclusive workplace through

regional programs and practices that reflect the unique nature of diversity in the
geographies where we operate.

Measurement. Our Diversity and Inclusion Index, created from data in our bi-annual
employee survey, allows us to pinpoint areas where we can continue to evolve diversity
and inclusion in our workplace.

Why Sun Life supports diversity and inclusion

Adopting and embracing inclusion:

 Strengthens our culture and unleashes creativity, innovation and business value by
welcoming different perspectives, experiences and beliefs
 Enables us to deepen our understanding of Clients in each of our markets and
businesses
 Reduces and eliminates barriers to full participation in the workplace to help all
Employees reach their full potential
 Is part of our commitment to social responsibility

Accessibility

At Sun Life we strive to provide products and services in a way that respects the
dignity and independence of persons with disabilities. We are committed to giving persons
with disabilities the same opportunity to access our products and services and allowing
them to benefit from the same services, in the same place and in a similar way as other
Clients. This includes making our websites usable by and functional for persons of all
abilities. We are also committed to meeting the needs of persons with disabilities in a timely
manner, and we will meet applicable legislative requirements for preventing and removing
barriers.

Supplier diversity

At Sun Life we recognize the diversity of our marketplace and encourage the inclusion of
diverse suppliers as part of our competitive bidding process. We strive to provide equal
opportunities and access to qualified diverse suppliers, while maintaining our high
standards of quality, service and information security. Our mission is to promote the
visibility and use of diverse suppliers across Sun Life’s North American supply base, and
to support the communities in which we operate through a diversified supplier community.

Sustainability

Sun Life's focus on advancing sustainability brings our Purpose, to help our Clients
achieve lifetime financial security and live healthier lives, to life. Sustainability is a key
strategy for the company and is central to our overall business success.

We define sustainability as taking accountability for our social, environmental, economic

and governance impacts, risks and opportunities, in ways that help to ensure our long-term
ability to deliver value to our Clients, employees, shareholders and communities.

Our company-wide sustainability strategy, approved by our Board of Directors, focuses on

four key principles within which we continue to deepen our commitment and strengthen
our practices: organizational resilience, environmental responsibility, community wellness
and governance and risk management. Our priority topics, informed by stakeholder
feedback, are mapped to these four principles.
V. Questionnaire
1. Name
2. Age
3. Work or Acquiring Services
4. Which department you work
5. How long have you been working in Sun Life Philippines or acquiring service of
Sun Life Philippines?
6. During the war, what is the most challenging event/situation have you experience?
7. How did Sun Life help you cope up to the war?
8. What makes Sun Life different from other life insurance institutions?
 References
Bronce, Quennie S. (2009, September 12). It’s Time. Philippines Star. p:9

Borscheid, P. & Haueter, N. (2012). World Insurance: The Evolution of Global

Risk Network. Oxford: Oxford University Press.

De Vera, B. (2019, May 9). IC: Sun Life is No. 1 in premium income among life
insurers in 2018. Business Inquirer. p:12

Flores, W. (2005, June 26). Life Insurance: Sunrise industry or sleeping dragon?
Philippine Star. p:6

Leyco, C. (2019, May 16). Sun Life keeps lead in life insurance business. Manila
Bulletin. p: 13

Live a brighter life. (2015).

Matthew Hamilton Gault – Parliament of Canada biography

"Matthew Hamilton Gault". Dictionary of Canadian Biography (online ed.).

University of Toronto Press. 1979–2016.

Pollack, G. & Tulchinsky, G. (1982). Gault, Matthew Hamilton. Canada:

University of Toronto/Université Laval.

Sarmiento, M. (2004). Motivational Factors Affecting The Job Satisfaction of

Selected Life Insurance Agents of Sunlife Financial Incorporated, (Phils.)