Monday, 25 May 2009

Philippines' Great Life Fin’l posts 50% growth in Q1

Manila Bulletin

Unfazed by the prevailing financial crisis that first hit the global economy in 2008, Great Life Financial Assurance Corporation (GLFAC), one of the fastest-growing life insurance companies in the country, displays its resilience by posting a 50 percent growth in the first quarter of this year.

Boosted by strong positive contributions from its three business channels Bancassurance, agency sales force and Group, the company attained over P205.38 million in premium income as of end of March 2009, compared to just P136.69 million in the same period last year.

Similarly buoyant performances from these avenues allowed the company to post a 36 percent growth in 2008, closing the year with P617.41 million in premium income over P454.35 million in 2007.

Great Life Financial is a member of the multi-industry Yuchengco Group of Companies (YGC), one of the largest and most diversified conglomerates in Southeast Asia, headed by Ambassador Alfonso Yuchengco.

GLF President and CEO Edgardo S. Franco commended the sales teams for their feat and assured customers of the company’s continued commitment to meet their life insurance and financial needs.

"The market conditions since last year really present a daunting challenge to the financial services sector. We are rightfully proud of everyone who works in our business channels for their continued persistence and success, and equally thankful for the trust and confidence shown by our policyholders. These can only fuel our goal of giving greater security and value to our customers and becoming one of the top preferred life insurers in the country," he said.

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