Sun Life Grepa premiums double in 2013

MANILA, Philippines - Sun Life Grepa Financial Inc. (Sun Life Grepa), a joint venture of Sun Life of Canada (Philippines) Inc. (Sun Life of Canada) and the Yuchengco Group of Companies (YGC), has posted total premiums of P12 billion in 2013, up by 106 percent from the previous year’s level.  

Sun Life Grepa now ranks seventh in the list of the top life insurance companies in the country in terms of total premium, posting the highest growth rate in the industry for 2013.

In 2012, the company registered P5.8 billion in total premium income, 91 percent higher than the previous year.  

In terms of market share, SLGFI showed a substantial increase from 3.5 percent in 2011 to seven percent in 2013.

Sun Life Grepa president Naresh Krishnan said that the bancassurance sales grew by 150 percent.

“It posted an annualized first year premium for individual life of P1.2 billion.  It comprises over 90 percent of our total sales last year,” Krishnan said.

Attributing Sun Life Grepa’s success to the unwavering efforts of its bancassurance, agency, and group marketing sales force nationwide, Krishnan said the company is gearing up for greater accomplishment in the years ahead.

“Amid the challenging market conditions, we continue to focus on expanding our distribution capabilities.  We also continue to develop a wide array of variable life and traditional life products to cater to the changing needs of our markets,” Krishnan said.

Sun Life Grepa is one of the leading life insurance companies in the country, with close to 500,000 individual and group life policyholders, over 600 sales associates and 400 employees, including 200 bancassurance sales officers.  

Further, with the successful completion of Sun Life Grepa’s back-office integration project, its customers may now transact in more than 50 Sun Life of Canada branches nationwide for their various concerns.

Sun Life Grepa is a joint venture between YGC and Sun Life Financial – Philippines (Sun Life).  Sun Life owns 49 percent of Sun Life Grepa, which has an exclusive distribution agreement with Rizal Commercial Banking Corp. (RCBC), the universal bank of YGC.