New Grepalife

MANILA, Philippines - The Great Pacific Life Assurance Corp., or Grepalife, will now be known as Grepalife Financial Inc. The move signals the company’s renewed mission to meet the increasingly complex requirements of its clients and a more aggressive expansion strategy to the upper income market.

Grepalife Financial president and chief executive officer Victor P. Quisumbing said the insurer wants to highlight its capability to venture more into personal financial planning for all market levels. “This would put Grepalife Financial at the forefront of the industry’s initiatives of increasing its penetration rate which now stands at a weak 10 to 15 percent of the country’s insurable population. This certainly pales in comparison with the average 80-percent penetration rate seen in developed countries in Asia.”