Tokyo - Manulife Life Insurance Company (hereinafter referred to as “Manulife Japan”; President & CEO: Geoff Crickmay) announces the establishment of a new Financial Institutions Development Department, as part of a strategic initiative to facilitate development of the Company’s bancassurance business in anticipation of full deregulation of insurance sales via banks. The new department became effective August 6, 2007.
In order to meet the changing needs of customers in the individual variable annuity insurance market, Manulife Japan has actively implemented a wide range of initiatives in rapid succession, including the introduction of new products through multiple sales channels, the launch of enhanced versions of the Company’s popular existing products, and the expansion of sales alliances with major regional banks.
Manulife Japan is committed to meeting the financial needs of greater numbers of customers across Japan. With the commencement of the Financial Institutions Development Department, Manulife Japan will be able to further promote its bancassurance business by developing new business relationships with various financial institutions, providing specialized services in preparation for the anticipated full deregulation of insurance sales via banks.
Department Name: Financial Institutions Development Department
Date of Establishment: August 6, 2007
Head of Department: Yuji Minami, Assistant Vice-President
Manulife Life Insurance Company (“Manulife Japan”), a member company of the Manulife Financial group, holds the highest level "AAA" credit rating from Standard & Poor’s, one of the world’s most reliable credit rating agencies (as of the end of August 2007).
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$410 billion (US$386 billion) as at June 30, 2007.
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. Manulife Japan can be found on the Internet at www.manulife.co.jp.
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Manulife Life Insurance Company