financial stability – Jellybeans in the City

In its 69th year of business, Sun Life Grepa Financial, Inc. (Sun Life Grepa), a leading life insurance provider in the nation, raised its position in the Insurance Commission’s (IC) most recent industry report for the end of 2022.

In 2022 alone, its total premium income (TPI) grew by 21% to P11.54 billion from P9.52 billion in the previous year. The company continues to be in the top 10 among insurers with the highest net income, climbing a notch to rank 8th with P1.19 billion in 2022 from its 9th spot in 2021 with P597.7 million. Furthermore, it increased its net worth in 2022 by 24% to P5.7 billion – the 8th highest in the industry.

Total assets at end of 2022 stood at P52.3 billion from P51.1 billion. The life insurer also climbed to 11th in 2022 with total new business APE of P1.69 billion from its 13th rank in 2021.

“We attribute our exponential growth to our singular commitment to helping our clients fulfill their protection needs, now and in the future,” said Sun Life Grepa President Richard S. Lim. “We, at Sun Life Grepa also has been proactively focusing on product innovation to meet the needs and expectations of our clients. As we believe that in these times of uncertainty, having an insurer that they can lean on because of its financial stability and strength, is very important.”

Sun Life Grepa has protected over 3 million lives, contributing to the country’s goal of providing Filipinos health insurance coverage and access to cost-effective and quality healthcare services.

It scored several milestones that coincided with its 69th anniversary celebration, including the recognition “Best Insurance Provider for SMEs – Philippines” from the 2022 International Finance Award and “MSME Insurance Initiative of the Year – Philippines” from the 2022 Insurance Asia Awards for its tailor-made insurance and protection solutions for the country’s micro, small and medium enterprises under its MSME MyBiz.

As part of sustaining its growth trajectory, the company boosted its affiliated medical providers by 25% in 2022 from the previous year. More than 1,300 hospitals and clinics across the country are now its affiliated partners. To support its network reach and enable customers to access Sun Life Grepa solutions and services faster and easier, the company also launched Sun Life Grepa Healthcare Teleconsult so Group Medical members can consult with doctors at the comfort of their homes. It also enhanced its online servicing platform to include semi-automated requests for the issuance of letters of authorization and consultation. On another note, Sun Life Grepa also recently received a Great Place To Work® Certification, the global standard for workplace excellence and culture.

This year, Sun Life Grepa aims to encourage more Filipinos to avail of health protection and life insurance coverage to secure their loved ones’ brighter future. The company plans to partner with more hospitals and clinics and make its products and services more accessible in the digital landscape, ensuring Filipinos’ convenient and easy access to quality healthcare.

“While uncertainties remain, I am optimistic that we will tackle the future fiercer and smarter. Sun Life Grepa’s commitment to helping every Filipino live healthier lives and achieve lifetime financial security remains unwavering,” said Sun Life Grepa President Richard S. Lim. “As we move forward in 2023, we will continue to have a laser-sharp focus on creating innovative ways to deliver quality insurance products and services that push Filipinos closer to their dream of financial freedom.”

Sun Life Grepa Financial, Inc. or Sun Life Grepa is a joint venture between the Yuchengco Group of Companies (YGC) and Sun Life Philippines (Sun Life). Sun Life Grepa offers financial protection products through its agency, bancassurance, and group account channels. YGC is one of Southeast Asia’s largest conglomerates with over 90 companies, while Sun Life has been a top player in the Philippine market for over 120 years.

Let’s face it: chances are, many of us aren’t money-smart.

Some of us can go through our entire lives without knowing how to make budgets work, save our earning, handle debt or even make our money grow into wealth.

Sadly, most of the education we received growing up involved practically anything except money matters. Whether this is due to the lack of appreciation of our educational institutions on financial literacy or the tendency of the academe to look down on matters of coin, this situation leaves us at a loss when it comes to financial problems.

What is money smarts?

Money smarts, otherwise known as financial literacy, refers to the knowledge and skills required to manage one’s personal finances effectively. It involves understanding how to earn, save, invest, and spend money in a way that maximizes one’s financial well-being and minimizes financial stress.

If you feel yourself lacking in any of these skills, you may need to brush up on your money smarts.

Budgeting. Can you create a budget and stick to it? Do you understand the flow of your income and expenses and therefore know how to allocate your money accordingly?
Saving. Can you put aside some money for short-term and long-term goals? Should a medical emergency that brings astronomical hospital bills, a major purchase such as a downpayment for a house, or sudden unemployment arise, will you have saved funds for it?
Investing. Can you make your money grow aside from just working several jobs, thereby getting passive income? Would you know how to invest your money and manage your risks to support your goals?
Debt Management. Would you be able to manage your debt responsibly, such as paying off high-interest debt first and avoiding unnecessary debt?
Financial Planning. Can you plan your finances for a long-term basis taking into consideration your goals, income, and expenses? Can you plot out the steps you have to take and adjustments you need to make with how you earn, spend and save your money to be able to achieve your goals?

Why is it important to have money smarts?

Money smarts is important because it allows us to take control of our finances, bringing about these benefits:

Financial Stability: It helps us ensure that we are living within our means and saving for our future.
Reduced Stress. It provides us with the know-how to manage our finances effectively, eliminating guesswork and uncertainty.
Better Financial Decisions. It allows us to make informed decisions about our money, particularly in terms of investing, saving and spending.
Increased Wealth. It helps us increase our wealth over time through making smart financial decisions and investing in our future.

How to develop money smarts

If you find yourself lacking in money smarts, it makes sense to start developing it. The prospect may seem daunting at first, but with some dedication, you can take some steps to improve your financial knowledge and skills:

Get in the know. Educate yourself about personal finance by reading books, attending seminars, or taking online courses about the basics of budgeting, saving, investing, and debt management.
Start budgeting. Creating and sticking to a budget is an essential component of money smarts. Track your expenses for a month – including all expenses such as rent, utilities, food, and entertainment – and factor those into your budget.
Set financial goals. Have a definite goal in mind to help you make smart financial decisions and stay motivated to do so while saving for a down payment on a house or paying off debt.
Start saving today. If you haven’t already, set aside a portion of your income each month for an emergency fund or long-term savings.
Manage your debt. Being entirely debt-free is not the main goal as debt can help fund investments or assets to improve your life while allowing you practice good payment behavior.
Invest wisely. Investing can help grow your wealth over time, but it’s important to get into it with eyes wide open. Research different investment options, such as stocks, bonds, and mutual funds, and choose investments that align with your financial goals and risk tolerance.
Benefit from the wisdom of others. Seek advice from a financial advisor or mentor who can provide guidance and support as you work towards your financial goals. You can also make use of online resources such as MortgageCalculator.org to deepen your knowledge about personal finance.

A fun way to sharpen your money smarts

Aside from providing a range of educational resources on mortgages and home buying, MortgageCalculator.org also offers free and easy -to-use mortgage calculators to help users calculate various aspects of their mortgage payments and, ultimately, their financial health.

It also houses a variety of engaging and educational money games that can help users improve their money smarts and practice their financial decision-making using real-world scenarios. Over time, as users develop their financial acumen, they also develop their confidence to make sound financial decisions in real life.

Want to try your hand at honing your own money smarts through online games at MortgageCalculator.org? Check these out:

Cashback: Give the correct change for each transaction by selecting the bills and coins needed to correctly sum to the customer’s change amount. This is perfect for teaching kids about the value of money (because they, too, need to develop money smarts!)
Stocks: Ever wondered what it was like to be one of those day traders at Wall Street? This game simulates the up- and down-trends of the stock market while the player tries to buy low while selling high.
Red Outpost: Colonize Mars by sending astronauts to harvest food and mine valuable goods. The game approximates the dynamics of building a new economy from the ground up.
Coffee Shop: Build your coffee shop business by managing your inventory, cashflow, pricing and formula taking the fluctuations on the demand for coffee based on the weather. This teaches players to balance both internal and external factors in growing a business.
Sort the Trash. Move the recycling bins across the screen to catch recyclables such as cans, cartons and bottles. This is a good approximation of the need to weed through all sorts of trash to get the items of value.

These are just a sampling of the games available at at MortgageCalculator.org. Browse through the various categories to find the games that can help you grow your knowledge and skills on financial matters while providing you with lots of fun!

By providing an engaging and interactive way to learn about business strategy and personal finance, these games make learning about money more accessible and fun, which you can then apply to your real-life money strategy.

No matter which stage in life you are right now, developing money smarts is the best way to take control of your finances to get you to achieve financial stability. Honing your financial literacy will help you make smart financial decisions to set you up in a good financial position for life. So take the time to learn about money and take full advantage of the resources available to sharpen your money smarts.