SunLife Group premium income up 240% in H1

MANILA, Philippines - Sun Life Grepa Financial Inc. (Sun Life Grepa) has posted a premium income of P8.65 billion during the first half of the year, or a strong 240 percent growth from the same period last year.

The newly launched Sun Grepa Power Builder, the variable unit-linked (VUL) products contributed to 80 percent of the individual insurance business, reflecting the competitive value proposition and attractiveness of the product. 

Sun Life Grepa president and chief executive officer Naresh Krishnan said that majority of the sales were brought through the bancassurance partnership with Rizal Commercial Banking Corp. (RCBC).

 â€œThis definitely proves that the partnership between Sun Life Grepa and RCBC is truly a successful one. It has allowed us to reach more clients and as such, has given us the opportunity to help them diversify their assets and build wealth through the Sun Grepa Power Builder,”  Krishnan said in a statement.

Available in three payment schemes, the Sun Grepa Power Builder has different fund options that can match a client’s financial goal and risk appetite, as well as allow them to diversify their investments. 

These funds include:  Income Fund, Bond Fund, Opportunity Fund, Balanced fund, Equity Fund and Growth Fund. 

From August last year to August 2013, it was the Income Fund that marked the highest returns with a 22.69 percent increase, followed by the Bond Fund with 19.03 percent. 

Opportunity Fund posted a 12.17 percent growth in returns, while balanced Fund posted a 12.13 percent growth during the given period.  Equity Fund made 10.14 percent increase in returns and the Growth Fund with 10.36 percent.

 â€œThrough this product, and together with RCBC, we stay committed to our goal of helping our clients maximize their money’s potential so that it can aid them in their different needs from protection, education, investment and all the way to retirement,” Krishnan said.

Sun Life Grepa Financial Inc. is a joint venture between the Yuchengco Group of Companies (YGC) and Sun Life Financial - Philippines. Sun Life owns 49 percent of Sun Life Grepa, which has an exclusive distribution agreement with RCBC.

YGC is one of Southeast Asia’s largest conglomerates with over 90 companies, while Sun Life has been a top player in the Philippines for over 118 years.