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MANILA – Sun Life Grepalife Financial Inc. said it grew its premium income by more than a third last year.
“The growth this year had been tremendous and even higher than last year for both the agency and the bancassurance in the first quarter,” Riza Mantaring, the insurer’s president and chief operating officer, told reporters Tuesday night.
The bancassurance refers to Sun Life’s purchase of 49 percent of Grepalife Insurance from the Yuchengco Group of Companies, which also owns Rizal Commercial Banking Corp.
At its rate of growth in the first quarter, Sun Life Grepalife can exceed the P14 billion premium income earned last year, Mantaring said.
Eighty percent of premium revenues in the first quarter came from variable unit life, a type of insurance cover that has an investment component, she said.
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