Sun Life Grepa Financial Inc., a joint venture between Sun Life Philippines and the Yuchengco Group of Companies, said it posted a 17-percent growth in total premium income (TPI) from P11.5 billion in 2022 to P13.5 billion in 2023.
Data from the Insurance Commission showed that Sun Life Grepa ranked 10th in terms of total premium income and net income of life insurance companies as of Dec. 31, 2023.
“There have been challenges in the current landscape but the premium income growth indicates that Filipinos are on a steady path to understanding how achieving financial security is important in planning the future. There is still much room for the market to truly find value in securing the future not just for themselves but more so for their loved ones and we are in a position to meet that demand when the market matures further,” Sun Life Grepa President Richard Lim said.
The company insured over 3 million lives in 2023 and is set to mark 2024 with 70 years in service, Lim said.
“As we celebrate our 70th year, we would like to affirm our commitment to help Filipinos achieve lifetime financial security and live healthier lives. We are positive that things will continue to get better from here. We believe that increasing awareness and conducting stronger information campaign about financial preparedness and accessibility of financial solutions will surely aid the consistent growth not just of our company but also of the industry in the coming years,” he said.
Sun Life Grepa was recertified as Great Place to Work (GPTW) for November 2023 to November 2024. It was first recognized as GPTW in November 2022.
The results of the GPTW survey showed that Sun Life Grepa is a great place to work with 92 percent saying the company makes them feel welcome and another 93 percent claiming the company shows fair treatment regardless of sexual orientation. About 92 percent of Sun Life Grepa employees expressed pride in telling others that they work for the company.
“We value our clients, and at the same time, we also recognize that our people here at Sun Life Grepa are our greatest asset. The growth and longevity of the company will only be possible because of the people’s commitment to quality service and passion for our mission to future-proof the lives of Filipinos. We hope that they will continue to feel valued as well,” Lim said, paying tribute to the employees of Sun Life Grepa.