Flexing its financial muscle on its 69th year, Sun Life Grepa Financial, Inc. (Sun Life Grepa), a major life insurance company in the country, improved its rankings in the end-2022 industry report released recently by the Insurance Commission (IC).
In 2022 alone, its total premium income (TPI) grew by 21% to P11.54 billion from P9.52 billion in the previous year. The company continues to be in the top 10 among insurers with the highest net income, climbing a notch to rank 8th with P1.19 billion in 2022 from its 9th spot in 2021 with P597.7 million. Furthermore, it increased its net worth in 2022 by 24% to P5.7 billion – the 8th highest in the industry.
Total assets at end of 2022 stood at P52.3 billion from P51.1 billion. The life insurer also climbed to 11th in 2022 with total new business APE of P1.69 billion from its 13th rank in 2021.
“We attribute our exponential growth to our singular commitment to helping our clients fulfill their protection needs, now and in the future,” said Sun Life Grepa President Richard S. Lim. “We, at Sun Life Grepa also has been proactively focusing on product innovation to meet the needs and expectations of our clients. As we believe that in these times of uncertainty, having an insurer that they can lean on because of its financial stability and strength, is very important.”
Sun Life Grepa has protected over 3 million lives, contributing to the country’s goal of providing Filipinos health insurance coverage and access to cost-effective and quality healthcare services.
It scored several milestones that coincided with its 69th anniversary celebration, including the recognition “Best Insurance Provider for SMEs – Philippines” from the 2022 International Finance Award and “MSME Insurance Initiative of the Year – Philippines” from the 2022 Insurance Asia Awards for its tailor-made insurance and protection solutions for the country’s micro, small and medium enterprises under its MSME MyBiz.
As part of sustaining its growth trajectory, the company boosted its affiliated medical providers by 25% in 2022 from the previous year. More than 1,300 hospitals and clinics across the country are now its affiliated partners. To support its network reach and enable customers to access Sun Life Grepa solutions and services faster and easier, the company also launched Sun Life Grepa Healthcare Teleconsult so Group Medical members can consult with doctors at the comfort of their homes. It also enhanced its online servicing platform to include semi-automated requests for the issuance of letters of authorization and consultation. On another note, Sun Life Grepa also recently received a Great Place To Work® Certification, the global standard for workplace excellence and culture.
This year, Sun Life Grepa aims to encourage more Filipinos to avail of health protection and life insurance coverage to secure their loved ones’ brighter future. The company plans to partner with more hospitals and clinics and make its products and services more accessible in the digital landscape, ensuring Filipinos’ convenient and easy access to quality healthcare.
“While uncertainties remain, I am optimistic that we will tackle the future fiercer and smarter. Sun Life Grepa’s commitment to helping every Filipino live healthier lives and achieve lifetime financial security remains unwavering,” said Sun Life Grepa President Richard S. Lim. “As we move forward in 2023, we will continue to have a laser-sharp focus on creating innovative ways to deliver quality insurance products and services that push Filipinos closer to their dream of financial freedom.”