Sun Life Grepa Financial Inc., the joint venture of Sun Life Financial Philippines and the Yuchengco Group of Companies, said it is on track with its growth target for the year amid strong consumer interest in life insurance products.
“We’re on track with our targets. We see about 40 percent year-on-year growth in our annualized first year premium (AFYP),” Richard Lim, Sun Life Grepa president, told reporters on Friday.
As of the first nine months of the year, Sun Life Grepa’s AFYP — the life insurance industry’s equivalent of revenues — reached P1.1 billion, which already exceeded and is 20 percent higher than the P916 million AFYP recorded in the full year of 2014.
Lim also said that for the third quarter alone, Sun Life Grepa observed a 56 percent surge in its AFYP compared to the same period last year.
Lim and Mylene Lopa, Sun Life Financial’s chief marketing officer, both noted there has been “growing interest in investing” in recent years as clients are now taking less time to decide to invest compared to the past.
“Before, it usually takes a person 57 days to decide whether they will invest or not. But now, it’s lesser — sometimes one week, sometimes on the spot after a presentation or a seminar,” Lopa said.
As of end-September, Sun Life Grepa had assets under management of P23 billion. At present, the life insurance firm has 1,000 financial advisers is reportedly servicing around 6 to 7 million clients.
Established in 2011, Sun Life Grepa is the joint venture between Sun Life Financial Philippines and the Yuchengco-led Rizal Commercial Banking Corp. (RCBC). The joint venture gives Sun Life access to offer its insurance products to RCBC’s 350 branches and over 2.5 million customers.