Jakarta – Manulife Indonesia today 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.”
In today’s press conference in Jakarta, Mr Beynon was accompanied by Nelly Husnayati, Executive Vice President and Chief Agency Officer and, Hans de Waal, Vice President, Actuarial.
For the fourth quarter of 2006, sales from single-premium products – including mutual funds and unit-linked products – soared 1,687 per cent compared with the fourth quarter of 2005.
Manulife Indonesia also announced a launch of two new products – Secure Income Replacement and Max Protection Plan.
Secure Income Replacement
With Secure Income Replacement, if the Insured dies or suffers total permanent disability as a result of an illness or an accident, it will pay 100 per cent of the Sum Insured plus return 100 per cent of the premium. Moreover, if there is no claim and the Insured is still alive at the end of the term, Secure Income Replacement will return 100 per cent of the premium.1
“Either way, Secure Income Replacement provides security for your family’s income – something that you would not find from any standard term life product. You can also choose from two available plans: a 5-year premium payment period with 10-year coverage or a 10-year premium payment period with 15-year coverage,” described Hans de Waal.
Max Protection Plan
Combining a unit-linked investment with 10-year term life insurance, the Max Protection Plan provides maximum insurance coverage for a premium that one can afford according to his/her financial condition. This revolutionary feature was designed by Manulife in order to make insurance affordable to more and more people.
“Until now, policyholders could not always receive the level of protection they needed as they might have been limited by their financial resources,” said Nelly Husnayati. “By introducing this innovative product, we would like to convey the message that a lot more people can now enjoy the level of insurance protection they require at an affordable price.”
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 almost 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$381 billion (US$341 billion) as at September 30, 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.
1.Subject to terms and conditions as stated in marketing material and the policy wording.
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For further information, please contact:
Hans de Waal