Manila - Regular and Single premium sales of both Life and Pre-Need business for Manulife Philippines rose 50 per cent and 179 per cent, respectively, in Q1 2007 compared to Q1 2006. This sales upsurge is attributable to continued customer trust in Manulife and significant improvements in agent productivity. Total Premiums and Deposits for the first quarter grew by 23 per cent against the same period in 2006, while Assets under Management increased by 50 per cent year-on-year.
For the first quarter of 2007, the Company posted 179 per cent growth in new single premium sales including 158 per cent growth in sales of its single premium unit-linked business. In January, Manulife Philippines announced a strategic bancassurance alliance with China Banking Corporation (China Bank). A joint venture company will be formed and will offer a wide range of Manulife’s insurance products tailored to the needs of China Bank’s depositors and clients.
Carl Gustini, President and CEO, Manulife Philippines said: "Manulife Philippines has had a strong start to the year and we are very pleased with these results. Our new alliance with China Bank is an exciting new development and will enable us to expand our traditional distribution channels and broaden our customer base. Meanwhile, we are delighted to be celebrating our 100th year anniversary in the Philippines, a testimony of Manulife's significant contribution to nation building and the economic development of the country."
Established in 1907, Manulife Philippines has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned subsidiary of Manulife Financial Corporation, the world’s sixth largest and North America’s second largest life insurance company by market capitalization.
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$426 billion (US$370 billion) as at March 31, 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.
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The First Quarter 2007 Financial Statements and Statistical Information Package are also available on the Manulife website at: www.manulife.com/QuarterlyReports.
Caution Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the “safe harbour” provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “suspect”, “outlook”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “forecast”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: level of competition and consolidation, changes in laws and regulations, general business and economic conditions, currency rates and Company liquidity, accuracy of information received from counterparties and the ability of counterparties to meet their obligations, accuracy of accounting policies and actuarial methods used by the Company, ability to maintain the Company’s reputation, legal and regulatory proceedings, the disruption of or changes to key elements of the Company’s or to public infrastructure systems, the ability to attract and retain key executives, environmental concerns, the ability to complete acquisitions and execute strategic plans, and the ability to adapt products and services to the changing market. Additional information about material factors that could cause actual result to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the body of this document as well as under “Risk Factors” in our most recent Annual Information Form, under “Risk Management” and “Critical Accounting and Actuarial Policies” in the Management’s Discussion and Analysis in our most recent Annual Report, and elsewhere in our filings with Canadian and U.S. securities regulators. We do not undertake to update any forward-looking statements.