Sun Life Grepa Financial, Inc. (Sun Life Grepa), a joint venture between Sun Life Philippines and Yuchengco Group of Companies, generated a total premium income (TPI) of ₱9.54 billion, a 48% increase from its ₱6.46 billion TPI in 2020.
The company also grew its insurance claims and benefits by 79% to ₱1.22 billion compared to ₱681 million from the previous year. Covid-related claims were estimated at around 37% of total claims in 2021. This is primarily driven by the relevance of insurance for financial security and the protection of loved ones amidst the pandemic.
“We attribute this growth to our resiliency and our singular commitment to clients in their time of need,” Sun Life Grepa President Richard S. Lim said. “Amid the profound upheaval of 2021, Sun Life Grepa was able to create innovations that helped the company navigate pandemic challenges and continue business uninterrupted. This solutions-based approach has served us and our clients well,” Lim added.
Lim also noted that “the rising trend of insurance claims indicates a boost in consumer confidence in the life insurance industry. However, many Filipinos are still averse to applying for a life insurance plan. Based on the report by the Insurance Commission, only one out of five Filipinos who died due to Covid-19 have insurance coverage.”
“This year, we hope to encourage more people to avail of health protection and life insurance not only to protect themselves but also to secure their families.”
Among the life insurance companies, Sun Life Grepa ranked eighth in net worth at ₱4.6 billion, 11th in total assets at ₱51.1 billion and new business annual premium equivalent at ₱1.7 billion, and ninth in net income at ₱597.7 million based on quarterly reports submitted to the Insurance Commission.
“While uncertainties remain, I am optimistic that we will manage the future even better. Sun Life Grepa’s mission to help every Filipino achieve lifetime financial security and live healthier lives remains constant and unchanged. As the economy moves to full reopening in 2022, we will continue to have laser-sharp focus on achieving higher levels of productivity, efficiency, and quality,” Lim added.