Announces the company’s strong 2006 financial results
Yogyakarta– PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) today officially opened SD Winongo Manulife, the fifth “Manulife” school, in Kasaihan Subdistrict, Bantul, Yogyakarta. The company also supports four other schools across the country, two in Sukabumi and two in Banda Aceh. The school renovation is Manulife Indonesia’s contribution to the recovery and restoration of Yogyakarta’s education sector following the devastating earthquake in the middle of last year.
“For more than a decade, Manulife Indonesia has been a member of the Yogyakarta community. This Manulife school in Bantul serves as a positive example of the private sector’s involvement and dedication to the development of quality education in this province,” said David Beynon, Manulife Indonesia President Director, at the school opening ceremony in Bantul. Also present at the school opening ceremony were Manulife Indonesia’s Board of Directors, Manulife Yogyakarta Branch executives, the Sultan of Yogyakarta, Hamengku Buwono X, who is also the Governor of the Special District of Yogyakarta, top local government officials and the school’s teachers and committee.
SD Winongo Manulife suffered considerable damage as a result of the May 2006 earthquake disaster. The school had 131 students, who mostly came from poor families, and 16 teachers. Since July 2006, MCF has disbursed a significant amount of financial aid to renovate, repair and and improve the schoolfacilities, including a new library. In addition, the Foundation has also donated aid packages to earthquake victims in Tirtonirmolo Village, Kasaihan Subdistrict, where most SD Winongo students live.
Strong growth across the business in 2006
On this occasion, Manulife Indonesia also announced its 2006 financial results. The company’s fourth quarter sales increased 213 per cent over third quarter of 2006 and 857 percent over fourth quarter of 2005. These double-digit growths were partly attributed to the mutual funds sales that skyrocketed 266 per cent in the quarter compared to the third quarter – a level last achieved during the mutual fund boom in 2004/5 – and bancassurance sales that accelerated with growth of 187 per cent for the same period.
The company’s total assets under management rose 21 per cent in 2006 over the full year period of 2005. Manulife Indonesia’s risk-based capital stood at 307 per cent as of December 31, 2006, escalated from the 136 per cent recorded at December 31, 2005. This rise reflects even stronger underlying financial soundness for the company’s policyholders and customers.
“Our positive financials are a result of our agents’ productivity that has steadily increased from one quarter to another over the last year,” said David Beynon, President Director, Manulife Indonesia. “In addition,Priority Choice– a new sales approach introduced to the Agency in the fourth quarter of 2006 – also helped the Agency produce almost 50 per cent growth in sales for this quarter.”
About Manulife Care Foundation
Manulife Care Foundation (MCF) was founded in 1998. It is a social institution established by PT Asuransi Jiwa Manulife to help and perform social activities for children’s education and health. It also provides natural disaster relief and soft loans for small enterprises. In addition to its annual programs, Manulife Care also has hundreds of volunteers (from Agencies and Employees) ready to be dispatched for various social activities.
About Yogyakarta Branch Office
Manulife Indonesia’s Yogyakarta Branch commenced operations in 1995 and currently serves approximately 4,300 individual customers. Supported by almost 30 professional agents and staff, the Branch provides life insurance, employee benefits products, and wealth management services to customers in Yogyakarta and the surrounding areas.
About Manulife Indonesia
Manulife Indonesia offers the most comprehensive products and services in the Indonesian industry through life insurance, employee benefits and mutual funds products. Headquartered in Jakarta, Manulife Indonesia operates through a network of more than 100 branch offices in more than 20 cities throughout the country, supported by around 5,000 employees and full-time professional agents who serve more than 1,000,000 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 as 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$414 billion (US$355 billion) as at December 31, 2006.
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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