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Sun Life to acquire 49% of Yuchengco firm

freedomfighter · 3 · 1429


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

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.


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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......


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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?


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