Sun Life Grepa Financial Inc.’s total premium income in 2021 posted a double digit increase of 48 percent, the company reported in a statement yesterday.
The company, which is a joint venture between Sun Life Philippines and Yuchengco Group of Companies, said its total premium income rose to P9.54 billion from P6.46 billion in 2020.
Sun Life Grepa also grew its insurance claims and benefits by 79 percent at P1.22 billion compared to P681 million from the previous year. The coronavirus disease 2019 (COVID-19) related claims were estimated at around 37 percent of total claims in 2021.
The company said this is primarily driven by the relevance of insurance for financial security and protection of loved ones amid the pandemic.
“We attribute this growth to our resiliency and our singular commitment to clients in their time of need,” said Richard Lim, Sun Life Grepa president.
“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,” he 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,” Lim said.
“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,” he added.
Among the life insurance companies, Sun Life Grepa ranked eighth in net worth at P4.6 billion, 11th in total assets at P51.1 billion and new business annual premium equivalent at P1.7 billion, and ninth in net income at P597.7 million, based on quarterly reports submitted to the Insurance Commission.
