MANILA, Philippines (October 24, 2011) - - Following the sealing of the deal between Sun Life Financial and the Yuchengco Group of Companies that saw the birth of Sun Life Grepa Financial, newly-appointed President & CEO Naresh Krishnan said in an interview that the resulting joint venture aims to leverage the strengths of both companies and to deliver greater value to its customers.
“Sun Life Grepa Financial will continue to invest and grow its multiple business lines and distribution channels and aims to be among the top tier insurers in the Philippines, “ Naresh said.
In achieving this business objective, Naresh cited four key strategies : offering innovative products and competitive value proposition to its clients; growing the distribution and enhancing its reach; improving product delivery capabilities; and establishing operational efficiency .
Sun Life Grepa Financial currently distributes its products through an exclusive bancassurance relationship with the Rizal Commercial Banking Corporation (RCBC), a tied agency force as well as dedicated group consultants and work-site marketing team. “We plan to invest and grow the respective channels to realize its full potential,” Naresh said.
When asked how big an impact will the bancassurance tie-up have for Sun Life Grepa Financial, Naresh noted that its exclusive distribution agreement with RCBC will enable the company to introduce and offer a wide range of insurance products to the bank’s two million strong customer base through its branch networks. “This will definitely position us to take advantage of the opportunities in the bancassurance sector and record accelerated growth,” Naresh said.
Naresh started his career in the Indian financial services industry. He became part of the top management team at Kothari Pioneer Mutual Fund, the first private sector, joint-venture mutual fund in India. He played a pioneering role in introducing Bank Distribution for mutual funds in India. Subsequently he moved to Indonesia and built a successful career with Manulife. He is credited with turning around a Mutual Fund business unit with US$ 8 million in assets, to one of the largest and most profitable investment management and mutual fund operations in Indonesia, attaining peak assets under management in excess of US$ 1.2 Billion in a span of less than 5 years.He earned multiple promotions up to President Director, Manulife Aset Manajemen Indonesia and Senior Vice President, Head of Wealth Management & Alternative Distribution, Manulife Indonesia. Prior to joining Sun Life, Naresh was President & CEO of Manulife Chinabank Life Assurance Corporation, Inc. in the Philippines.