Sun Life Grepa Financial Inc., the joint venture company of Sun Life Financial and the Yuchengco Group which has an exclusive bancassurance alliance with the Rizal Commercial Banking Corporation, collected in excess of One Billion in total premiums in Q1 2012, a growth of 48% year on year.
"We are delighted with the progress that we have made in the 1st 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."
Sun Life Grepa was officially launched in October last year following the sealing of the agreement between Sun Life and the Yuchengco Group allowing the former to acquire 49% of Grepa Financial.
SLGFI launched three variable universal life (VUL) products early this year - 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.
The SLGFI chief also commended the 126 bancassurance sales officers (BSOs) who have trained hard and facilitated this success. The company aims to have a total of 150 BSOs by the end of 2012. "We have a lot of plans and initiatives in the pipeline and we are optimistic about the future. If we sustain this momentum in the coming months, we have a very strong chance to be a top tier life company in the next two to three years," Naresh said.