Saturday, 16 May 2009

Philippines' GREPALIFE holdings surpass P2.5-B mark

Manila Bulletin

Boosted by a 30 percent growth in gross premiums from its life insurance operations last year, Great Pacific Life Asssurance Corporation (GREPALIFE) reported that it surpassed the P2.5-billion mark last year.

GREPALIFE is the flagship life insurance firm of the Yuchengco Group of Companies (YGC), headed by Ambassador Alfonso Yuchengco.

Despite the volatile economic environment that affected the life insurance industry worldwide, GREPALIFE posted an additional P577 million in its 2007 amount of P1.92 billion, closing 2008 with P2.5 billion.

Reaching the P2.5-billion mark is considered a milestone as only less than a handful of life insurers have been able to breach P1 billion worth of new business.

This combined growth in gross premiums speaks volumes about the company’s resilience and stability, as well as the continued trust it enjoys from its policyholders. The strong sales performance of GREPALIFE is attributed to the solid and equal strength of its three main business channels i.e., Agencies, B-Secure (bancassurance channel) and Group.

GREPALIFE President and CEO Victor P. Quisumbing reiterated his stand that the company remains undaunted by the financial instability of the market and is in fact even more challenged by the current environment to perform its obligations to its customers.

“It is during times like these when things are uncertain that we in the life insurance business should do our best to give certainty and peace of mind to the people that we serve,” he said.

“GREPALIFE is exceedingly well capitalized, beyond the requirements of the Insurance Commission, while our investment portfolio remains prudent and well placed, making us more than confident of serving our policyholders and earning the trust of more customers,” he continued.

Quisumbing also prided the company’s modern plans that meet the market’s demand for traditional life insurance products with greater living and investment benefits. “Our My Life Series fit to a T the demand of the market for value for money whole life and endowment products,” he explained.

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