CANADIAN insurer Sun
Life Insurance anticipates carving a greater share of the local market
now that it has acquired 49 percent and effective management control of
GrepaLife Financial Inc., owned by the Yuchengco Group of Companies.
The
joint venture had been branded earlier as Sun Life Grepa Financial to
indicate the synergy between Sun Life Insurance on one hand and the
Yuchengco Group and its bancassurance business under the Rizal
Commercial Banking Corp. (RCBC) model on the other.
Newly appointed
president and chief executive officer at Sun Life Grepa Financial Naresh
Krishnan vowed to leverage the strengths of both companies and to
deliver greater value to their customers.
“Sun
Life Grepa Financial will continue to invest and grow its multiple
business lines and distribution channels, and aims to be among the
top-tier insurers in the Philippines,” Naresh said.
To
achieve this goal, Naresh crafted a four-point strategy starting with
offering innovative products and competitive value proposition to its
clients.
He also
vowed to grow Sun Life Grepa Financial’s distribution channels and
enhance its reach, improving its product-delivery capabilities and
establish greater-operational efficiency, as well.
Grepalife,
under the Sun Life Grepa Financial name, will continue with its
exclusive bancassurance agreement with RCBC, giving the lender’s 2
million customer base access to new Sun Life Grepa Financial insurance
products.
“We’re
very pleased about forming this joint venture between two strong
companies that both focus on delivering the best for our customers,”
said Riza Mantaring, president and CEO at Sun Life Financial
Philippines.
“We
welcome this new acquisition and bancassurance alliance with enthusiasm,
as it allows us to serve more Filipinos and promises to bring us growth
in our business,” Mantaring said.
The Yuchengco Group also expressed confidence and optimism on the future of the agreement.
“This
joint venture will allow us to offer a wider range of insurance
products to better address our customers’ needs for protection and
financial security. The joint venture will be able to leverage and
complement the strengths of our combined brands,” RCBC Chairman Helen Y.
Dee said.
“We have full confidence in the leadership of the new organization, and wish them every success,” she added.
Krishnan will lead Sun Life Grepa Financial as president and CEO.
Krishnan
was formerly chief operating officer of Sun Life Financial Philippines
where he oversaw its distribution channels and mutual funds business
lines.
Krishnan’s
long and successful career in the financial services industry in Asia
included senior positions in asset management and insurance.
Sun Life Grepa Financial will announce other leadership appointments and further details about its plans in the coming months.
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