Sun Life Financial and GPL Holdings, Inc. (a member of the Yuchengco Group of Companies) announced Friday that they had entered into an insurance joint venture. With this transaction, Sun Life has acquired 49% of Grepalife Financial Inc. (Grepalife) from GPL Holdings Inc. and assumed management control. Grepalife will re-brand itself as Sun Life Grepa Financial and launch new products under this name.
Grepalife, under the Sun Life Grepa Financial name, will continue with its exclusive bancassurance agreement with the Rizal Commercial Banking Corporation (RCBC), giving RCBC’s two 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 & CEO, 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.”
The Yuchengcos also expressed their confidence and optimism for 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,” says RCBC Chairperson Helen Y. Dee. “We have full confidence in the leadership of the new organization, and wish them every success,” she added.
Naresh Krishnan will lead Sun Life Grepa Financial as President and CEO. Mr. Krishnan was formerly Chief Operating Officer of Sun Life Financial Philippines, where he oversaw its distribution channels and mutual funds business lines. Mr. Krishnan’s long and successful career in the financial services industry in Asia has 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.
