Sun Life Grepa logs 106% increase in total premiums to P12B in 2013-A A +A
Wednesday, June 25, 2014
SUN Life Grepa Financial, Inc. (SLGFI), a joint venture of Sun Life of Canada (Philippines), Inc. (SLOCPI) and the Yuchengco Group of Companies (YGC), posted total premiums of P12 Billion in 2013, up by 106 percent from the previous year’s level.
SLGFI 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.
“We are glad to have made robust growth in 2013,” said SLGFI President Naresh Krishnan, who cited SLGFI’s bancassurance business which contributed significantly to the overall sales growth.
“Our bancassurance business alone posted a sales growth of 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 SLGFI’s success to the efforts of its bancassurance, agency, and group marketing sales forces nationwide, Krishnan said the company is “gearing up for greater accomplishment in the years ahead.”
“Amidst 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.
SLGFI has become one of the leading life insurance companies in the country today, with close to 500,000 individual and group life policyholders, over 600 sales associates and more than 400 employees including 200 bancassurance sales officers.
With the completion of SLGFI’s back-office integration project, its customers can now transact in more than 50 SLOCPI branches nationwide for their various concerns.
Sun Life owns 49 percent of SLGFI, which has an exclusive distribution agreement with Rizal Commercial Banking Corp. 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 119 years. (PR)
Published in the Sun.Star Cebu newspaper on June 26, 2014.