PMT Forum
How do you want to make money today?

Sun Life to acquire 49% of Yuchengco firm

freedomfighter · 3 · 1429

freedomfighter

  • Forum Champion 900
  • ****
    • Posts: 901
    • Likes Received: +0/-0


Sun Life to acquire 49% of Yuchengco firm
SLFP, Grepalife to control insurance assets worth


http://business.inquirer.net/money/topstories/view/20110217-320814/Sun-Life-to-acquire-49-of-Yuchengco-firm


By Doris Dumlao
Philippine Daily Inquirer
First Posted 19:19:00 02/17/2011

Filed Under: Insurance, Mergers - Acquisitions - Takeovers, business
Most Read
MANILA, Philippines—Global insurance giant Sun Life of Canada will buy into the flagship life insurance firm of the Yuchengco group to create a powerful bancassurance venture utilizing Rizal Commercial Banking Corp.’s financial muscle.

Bancassurance refers to the cross-selling of insurance products through a particular bank’s branch network.

Sun Life Financial Philippines Inc. (SLFP) signed on Thursday a deal to acquire 49 percent of the Yuchengcos’ Grepalife Financial Inc. This will result in the creation of a restructured entity called Sun Life Grepa Financial Inc.

The deal will give rise to a new line of insurance products to be made available, via an exclusive distribution agreement, through the Yuchengcos’ RCBC.

The Yuchengco group of companies, through GPL Holdings, will maintain 51 percent ownership of the company, but Sun Life will have management control, Sun Life announced in a statement.

The deal is subject to regulatory approval and is expected to be sealed in the third quarter of the year.

SLFP president Riza Mantaring said officials of both firms were excited about the venture’s growth prospects. She cited SLFP’s strength in the upscale life insurance business and the Yuchengco group’s clout in middle market and group protection business, as well as its huge provincial network.

The new bancassurance platform will operate separately from SLFP. Sun Life Philippines will continue to focus on its existing protection and wealth management businesses.

RCBC reported to the Philippine Stock Exchange that it would acquire additional shares in Grepalife to maintain its minimum requirement, in compliance with bancassurance rules. Under the rules, a bank must own at least 5-percent equity in the life insurance firm whose products it is selling. With Sun Life’s entry, RCBC’s stake in Grepalife will be diluted to 2.5 percent and the bank must invest an additional P200 million in the new venture, bank president Lorenzo Tan said.

The team-up between SLFP, the second biggest insurer in the Philippines, and ninth-placer Grepalife, backed by RCBC, is expected to heat up competition in the bancassurance sector. Sun Life has been challenging the dominance of Philippine American Life and General Insurance Co. (Philamlife) in the insurance industry.

In late 2009, Philamlife sealed its own bancassurance deal with local banking giant Bank of the Philippine Islands. In the process, Philamlife bought up 51 percent of the Ayala group’s life insurance business.

Although there will be no consolidation between SLFP and the Yuchengcos’ insurance firm, they will together control about P140 billion worth of life insurance assets.


pinoymuna29

  • Newbie
  • *
    • Posts: 3
    • Likes Received: +0/-0
Reply #1 on: Apr 24, 2012, 04:04 PM
How can I trust a company who did not pay their obligation to thousands of plan holders (PEP). Will SUNLIFE agree to pay up all this family who paid hard earned money for their childrens future?  I dont think so......


Ageo

  • Forum Tambay 200
  • ***
    • Posts: 226
    • Likes Received: +0/-0
Reply #2 on: Apr 24, 2012, 11:08 PM
mayroon akong grepalife plan which shall mature this year, mayroon kaya'ng negative effect sa policy ko itong 49% sun life acquisition sa yuchengco firm?


 


PMT Shoutbox

Refresh History
  • Post only questions or comments here. Advertisements NOT ALLOWED.
  • oragon: :applause:
    May 20, 2019, 03:53 PM
  • FutureGizmo: Thank you for reporting those spam posts, oragon! Spam posts now deleted.
    May 20, 2019, 01:59 PM
  • oragon: Admin kindly monitor some peps! posting and sharing inappropriate nude photos and website links
    May 20, 2019, 01:52 PM
  • @culinary10: Hello I am new here! Regarding sa bdo life insurance for 8 years, pwede pa kaya ma refund yung binayad ko na 50k last year? Gusto ko sana icancel kasi lack of financial na, last may 15 2018 po un nag start ako ng life insurance, pinili ko annually kaso etong may 15 2019 wala nako ma ipay so gusto ko sana icash out, may alam ba kayo kung pano marerefund?
    May 17, 2019, 07:56 PM
  • FutureGizmo: Hi Sonny, the posting issue is now resolved. Thanks for informing us! We're currently testing a new, mobile-ready theme so let us us know kung may problema pa sa Forum. :)
    Apr 04, 2019, 10:40 AM
  • sonny.wapak: Nakaka receive din ba kayo nito pag gawa ng new post? "Please try again. If you come back to this error screen, report the error to an administrator."
    Apr 03, 2019, 10:56 PM
  • leonine_zafiro: what product nun?
    Apr 01, 2019, 10:25 PM
  • dhondiex27: hi
    Mar 30, 2019, 10:55 PM
  • lusart: jayrob i agree 200%. hulog ng langit organico. legit na legit
    Mar 29, 2019, 09:08 AM
  • palemelch: Hi
    Mar 28, 2019, 04:08 PM
  • O.C.W._AK: Magandang Araw sa Lahat! Blessings! (",)
    Mar 28, 2019, 08:42 AM
  • thor15: hello everyone, newbie here
    Mar 25, 2019, 01:47 AM
  • captjaylo: present newbie here
    Mar 22, 2019, 10:06 AM
  • balboagilbert26: hello Guys .. Newbie here
    Mar 21, 2019, 10:55 PM
  • businesswoman2019: @jefsanity nag inquire na po ako pero di sila nagdidisclose. Yung branch po kasi na target ko, currently building pa.
    Mar 21, 2019, 04:27 PM
  • jefsanity: @businesswoman2019, much better inquire ka na lang sa admin nila.
    Mar 21, 2019, 01:51 PM
  • businesswoman2019: Hello! Any idea how much ang stall sa waltermart. 2m x 2m
    Mar 21, 2019, 08:28 AM
  • John Neil: Looking for an accredited iron foundry
    Mar 17, 2019, 03:19 PM
  • jayrob: Mark_Lee ung organico legit po yan..  Member din AQ..
    Mar 17, 2019, 12:57 AM
  • perlymelad: Hello po! Need advice, why my new MLM leaders failing?
    Mar 14, 2019, 08:51 PM
  • perlymelad: Present
    Mar 12, 2019, 07:53 PM
  • kennethmauricio: Hi saan po dito pwede mag post ng for sale properties?
    Mar 11, 2019, 07:58 PM
  • jefsanity: @mark_lee isipin mo anu passion mo at skills mo...
    Mar 11, 2019, 06:52 PM
  • sniperaj09: BAGO LANG
    Mar 10, 2019, 11:16 AM
  • mark_Lee: magandang investnent ngayon sa 30k suggest naman keo mga boss
    Mar 10, 2019, 03:07 AM
  • perlymelad: E-BOOK PO SIR @JEFSANITY
    Mar 09, 2019, 05:40 PM
  • perlymelad: @jefsanity Good Morning Po
    Mar 09, 2019, 05:39 PM
  • perlymelad: Good Day everyone
    Mar 04, 2019, 06:24 PM
  • jefsanity: anu ang small business na yan?
    Feb 28, 2019, 07:40 PM
  • perlymelad: Good Day Everyone
    Feb 28, 2019, 03:31 PM
  • perlymelad: Hello everyone, CAN ANYONE HELP ME SUGGEST ANY SIDE TOPIC  / PROBLEM OF  STARTING SMALL BUSINESS?
    Feb 28, 2019, 06:58 AM
  • perlymelad: Present, 1st time po
    Feb 25, 2019, 06:17 PM
  • jd2281: newbie po
    Feb 25, 2019, 12:26 PM
  • ejllantino: present... 1st time
    Feb 24, 2019, 07:14 PM
  • rheiel: present. first time
    Feb 24, 2019, 11:04 AM
  • MELVIE: thanks po
    Feb 24, 2019, 12:50 AM
  • steph123: hello po, ask lang po, ilang months po ba ang hihintayin after mo ma process ang mga documents para maitama ang mali sa NSO?
    Feb 11, 2019, 03:13 PM
  • Deborah: newbie here.thanks
    Feb 08, 2019, 02:17 PM
  • marj0503: hello im newbie here
    Jan 31, 2019, 10:53 AM
  • yan24: any one here planning to start a tesda skill training center
    Jan 26, 2019, 12:07 PM
  • manzjon: Forex trading forum
    Jan 25, 2019, 02:16 PM
  • Lizette Ramos: Pwede po bang patulong... Maganda po ba ang gasul retailing business?
    Jan 24, 2019, 09:14 PM
  • Imnobody: Hi sino naghahanap ng casino financer dito?
    Jan 16, 2019, 09:59 PM
  • Odlanyer22: Good day!
    Jan 16, 2019, 09:55 PM
  • maryen: at kung sakaling may somobra sa food na nailuto.. dapat po bang bayaran ng client un .. or ipapa take mo na sakanila?...
    Jan 16, 2019, 03:52 PM
  • maryen: HI! GOOD DAY! newbiz lang po... question lang po regarding sa catering.. if may 50pax po ako dapat lang po ba na sakto ang serving ng food?
    Jan 16, 2019, 03:50 PM
  • mark_Lee: cno na nag organico dito scam po ba yun or legit
    Jan 09, 2019, 03:04 AM
  • kuray08: Have a Prosperous New Year to all..
    Jan 06, 2019, 09:27 PM
  • ethan: Sino po may auto supply business dito? How profitable po ba ito in terms of monthly income? Lalo na kung meron na one or two na competition.
    Jan 04, 2019, 11:34 AM
  • Niel Jhacoubs: HAPPY NEW YEAR!
    Jan 02, 2019, 04:37 PM