Fueled by strong consumer response to its single premium insurance products, GREPALIFE (Great Pacific Life Assurance Corp.) registered a very strong single premium income in 2008. It also performed well in Ordinary/Group and Accident & Hospitalization (A&H) insurance for the same period.

The company ended last year with P565.94 million in single premium income compared to P346.25 million in 2007, reflecting a growth of 63.45 percent.

GREPALIFE’S Group Insurance likewise performed solidly, retaining its industry leading performance in First Year Premium (FYP) income in the last two years. In 2008, this sales channel earned P270.73 million in FYP, an increase of 19.41 percent over 2007’s P226.72 million, which was also considered number one among this division in the local industry.

The company revealed that to date it had exceeded targets and will retain its lead this 2009 as far as its Group and Corporate portfolio is concerned.

On top of renewing its major accounts, it was able to add sizeable ones to its roster of salary deductions and group insurance clientele.

Company president and CEO Victor P. Quisumbing also took pride over the strategy of sticking to time-tested insurance offerings when the economy turned volatile with the global crisis. “When the crisis hit, customers were naturally averse to put their money on speculative instruments with high risk.  That's why we stayed put on our reliable traditional insurance products that assure them of basic life protection with savings components at both single premium and short payment period,” he explained.

He also expressed his optimism over the company's recently launched term insurance products, Extreme Protect 5 and Extreme Protect 10, both of which offer maximum insurance coverage at affordable cost, convertible and renewable in 5 and 10 years, respectively.

“As the financial market and economic conditions improve, we look forward to an even better performance in the next quarter,” said Quisumbing. “Through prudent management and no-frills, back-to-basics insurance, we continue to earn our customers' trust. We are on track towards becoming one of the top life insurers in the country.”

Now on its 55th year, GREPALIFE is an all-Filipino flagship member of the Yuchengco Group of Companies (YGC)