Sun Life of Canada (Philippines) Inc has named Jonathan Juan “JJ” Moreno (pictured) as its president, marking a leadership transition aligned with the company’s strategic ambitions in Southeast Asia.
The appointment reflects the company’s intent to strengthen its operational leadership as it seeks to grow market share in a competitive regional environment.
Moreno, who has held executive roles across various sectors, most recently served as president and CEO of the payment technology firm AF Payments Inc, operator of the Beep card system in the Philippines. He is a graduate of the Philippine Military Academy and brings more than 20 years of leadership experience to Sun Life.
Benedict Sison, CEO and country head of Sun Life Philippines, said Moreno’s leadership background will help the company address the evolving needs of clients and distribution partners.
“His proven track record of achieving results with integrity, combined with his transformational leadership, will be instrumental as we continue to evolve to meet the changing needs of our clients and advisors,” he said.
Moreno noted the role’s significance given the ongoing changes in the insurance and financial services industries.
“I am deeply honoured and excited to embark on this new chapter with Sun Life Philippines,” he said. “In a rapidly changing world, we are accelerating our transformation to be a future-ready and client-centric leader in the industry. The possibilities are endless, and Sun Life is ready to lead the way.”
The leadership announcement follows Sun Life Financial Inc’s release of first-quarter (Q1) 2025 financials, which showed C$1.045 billion in underlying net income, up 19% from the same period in 2024.
The results were supported by gains in wealth and asset management, employee benefits, and individual insurance lines.
Wealth and asset management earnings increased by C$79 million, primarily due to higher fee revenues and improved performance of investment assets.
The group benefits segment grew by C$50 million, attributed to favourable claims trends and expanding business volume, particularly in the Canadian and US markets.
Individual protection earnings rose by C$55 million, with significant contributions from Asia joint ventures and improved claims experience.
The company reported C$928 million in net income for the quarter, up 13% year-over-year. This was driven by strong core earnings and market-related factors such as gains in real estate and interest rate movements, partially offset by declines in equity markets.
Underlying ROE stood at 17.7%, while reported ROE was 15.7%.
Sun Life’s Asian operations posted C$197 million in underlying net income, an increase of 11% from the previous year.
Performance was supported by rising sales, business expansion across existing portfolios, and positive returns from the region’s insurance joint ventures.
Contributions included C$13 million from individual protection and C$7 million from the asset management segment.
However, reported net income in Asia declined 29% year-over-year to C$166 million.
The decrease was mainly due to the absence of a non-recurring gain related to the sale of a stake in ABSLAMC recorded in the prior year. The impact of real estate gains and currency translation was tempered by interest rate fluctuations and equity market volatility.
Foreign exchange contributed C$10 million to underlying net income and C$8 million to reported figures.
