Grepalife premium income up 30% to P1.86 billion

MANILA, Philippines - Great Pacific Life Assurance Corp. (Grepalife) reported an almost 30 percent growth in premiums last year to P1.86 billion, lifted by strong growth in new plans amid a worsening global financial crisis.

The company said the key driver to the double-digit growth was the 53-percent increase in first-year premiums.

 “The market sought traditional life insurance products, and our My Life Series fit to a ‘T’ the demand of the market for competitive whole life and endowment products,” Victor P. Quisumbing, Grepalife president and chief executive officer, said.

He added that the company’s stable financial standing is its assurance to clients of its continued capability to meet its obligations.

“Our investment portfolio remains prudent, even as our capitalization exceeds the Insurance Commission’s requirements by a very healthy margin,” he said.

The strength of its bancassurance division helped the company open new market opportunities. This unit attained an 82 percent growth in first year premiums which amounted to P628 million compared to P346 million in 2007.

Bancassurance involves insurance products sold through the branch network of a commercial bank. In Grepalife’s case, it is made through Rizal Commercial and Banking Corp. (RCBC), a fellow member of the Yuchengco Group of Companies.

In 2007, Grepalife ranked ninth overall in terms of premium among the 32 life insurance companies in the country.