Sun Life Grepa reports P1B premium collection

MANILA, Philippines—Sun Life Grepa Financial Inc. hit the P1-billion milestone in premium collection in the first three months of this year as the insurer rolled out more products and reached out to more clients through a bancassurance partnership with Rizal Commercial Banking Corp.

Sun Life Grepa is a joint venture between Sun Life Financial and the Yuchengco Group, which has an exclusive bancassurance alliance with RCBC. The partnership allows the cross-selling of life insurance products using the branches of the Yuchengcos’ banking arm.

The P1-billion premium collection from January to March marked a 48-percent year-on-year increase. However, the joint venture has not been formed in the comparative period last year.

Sun Life Grepa was officially launched in October last year after an agreement was sealed between Sun Life and the Yuchengco Group for the former to acquire 49 percent of life insurance unit Grepa Financial.

“We are delighted with the progress that we have made in the first quarter of 2012”, said Naresh Krishnan, president & CEO of Sun Life Grepa. “With a strengthened product portfolio, beefed-up bancassurance channel, and operational efficiencies, we are very hopeful that the business will achieve more milestones in the months ahead.”

Early this year, Sun Life Grepa launched three variable universal life (VUL) products—Sun Grepa Power Builder 1, 5 and 10. VUL products are life insurance products that are enhanced with an investment component. In a VUL plan, premiums and death benefits are flexible and the fund value depends on the performance of the funds that have been chosen by the policyholder.

“The new products generated significant new business premiums,” said Naresh who cited the much improved economic milieu in the country, the resurgence of confidence among investors and, most importantly, whole hearted support from RCBC as the key reasons for the success of the new products.—Doris C. Dumlao