Ho Chi Minh City – Manulife Vietnam continued to experience significant sales growth in the first nine months of 2007 as new business annualized premiums grew 55% versus the market growth of 29%1. Year-to-date regular premium sales were 52 per cent higher than the same period last year. Total premiums and deposits rose to VND 688 billion, an increase of 6% against the same period in 2006. Total assets under management grew 35% year to date.
Increased case size and agent productivity was the key sales growth driver for the first nine months of 2007 compared with the same period last year. “Our results reflect our continued commitment to providing customers with quality products which meet their financial needs. I am very proud that we have outperformed the market by almost double to maintain our position in the top 3 life insurance companies in Vietnam and I am very confident that we continue this sales momentum in the next quarter.” said David Wong, General Director, Manulife Vietnam.
The first nine months of year 2007 have heralded significant milestones for Manulife Vietnam.
On September 19, Mr. Dominic D’Alessandro, CEO & President of Manulife Financial, presided over the grand opening of Manulife Plaza building worth US$10million in Phu My Hung urban center, Saigon South city. This is the first building Manulife has built in Asia and the company’s first foray into property investment in Vietnam, a move that reinforces Manulife’s strong and long-term commitment to the country.
Meanwhile, Manulife Vietnam Fund Management successfully launched and closed subscriptions for its first retail mutual fund, the Manulife Progressive Fund, during the third quarter of 2007. The Company is aiming to complete the listing application and start trading the fund on the Ho Chi Minh Stock Exchange in December 2007.
Last month, Manulife Financial was named as “Life Insurer of the Year 2007” in Asia by the Asia Insurance Review. The award is a testament to Manulife’s core values throughout Asia, including our Vietnam operations: our focus on professional standards, offering real value to our customers, ensuring we conduct our business to the highest standards of integrity, our demonstrated financial strength and our determination to be the employer of choice.
Mr. Robert Cook, Manulife’s Senior Executive Vice President and General Manager for Asia, will pay a visit to Hanoi tomorrow. This second trip by a Manulife senior executive to Vietnam this year is a strong indication of the importance of the Vietnam market to the business as a whole.
About Manulife (Vietnam) Limited
Manulife Vietnam - the first 100 per cent foreign-owned life insurance company licensed in Vietnam - provides financial services to more than 300,000 customers through a network of over 3,700 professionally qualified agents. Manulife has been operating in Vietnam since June 1999. On June 14, 2005, Manulife Vietnam Fund Management (MVFM), a wholly owned local subsidiary of Manulife Vietnam, was granted license to operate a fund management and investment-finance consulting business, further expanding Manulife Vietnam’s product offerings for its customers.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$399 billion (US$400.5 billion) as at September 30, 2007.
Manulife Financial is one of two publicly traded life insurance companies in North America whose rated life insurance subsidiaries hold Standard & Poor’s Rating Services’ highest “AAA” rating and Moody’s Investor Services’ second highest “Aa1” rating, both representing financial strength.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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Notes to editors:
1 Sourced from the Association of Vietnamese Insurers (AVI).
For further information, please call:
Senior Marketing Manager
Manulife (Vietnam) Limited
Tel: (848) 416 6777