Confident of having ridden through the worst of the global recession, GREPALIFE (Great Pacific Life Assurance Corporation) reported a 25 percent growth in the third quarter of this year, generating P2.201 billion in total revenues and continuing its double digit growth pattern in the last three years.

As of end September 2009, the company reaped P1.734 billion in Gross Premium Income, a 25 percent gain over the P1.384 billion posted in the same period last year. The bulk came from first year premiums amounting to P1.095 billion, supplemented by renewal premiums of P638 million.
Investment income settled at P467 million.

On a quarterly basis, the company gained P656 million in gross premiums written over the last three months, a 14-percent growth from the previous quarter and an increase of 29 percent or P149 million from figures attained in the same period of 2008.

“The stability and reliability that we have shown throughout the period of economic crisis can be seen in the kind of products and services we give to our customers. The excellent turnout shows how much our efforts to give them insurance they can really count on are being appreciated,” said Victor P. Quisumbing, GREPALIFE President and CEO.

B-Secure, the company's bancassurance channel tied-up with Rizal Commercial Banking Corporation (RCBC), contributed the bulk of GWP at P686 million, 38 percent over last year's P498 million. This was followed by the Group & Worksite Marketing Channels that pulled in P555 million, up 28 percent from P433 million, while the Agencies channel contribution grew by 8 percent, from P458 million last year to P492 million this year.

As the economy continues to improve, the company expects to boost its revenues even more with the introduction of a series of new products and also its latest term insurance offerings the Extreme Protect 5 and 10 that combine maximum insurance coverage at a shorter payment period and affordable costs.

Now on its 55th year of service, GREPALIFE is augmenting its revenue performance with excellent servicing. It is the only insurance company in the country that releases Premium Billing Notices 42 days before the due date, unlike most companies that rely on a month or less prior to sending their notices. It also has one of the fastest turnaround times when it comes to servicing walk-in clients, averaging at just an hour for ordinary policy requirements.

GREPALIFE is the flagship life insurance firm of the Yuchengco Group of Companies (YGC), one of Southeast Asia’s largest and diverse conglomerates.