Makati City - For the first quarter of 2012, Manulife Philippines achieved insurance sales growth of 11 per cent and wealth sales growth of 140 per cent over the same quarter in 2011. Total premiums and deposits for the first quarter grew by 50 per cent and assets under management increased by 44 per cent from the first quarter of 2011.
“On the backdrop of bright prospects in the Philippine economy, our wealth sales grew more than double in the first quarter as a result of the market’s continued positive reception to our U.S. Dollar-denominated Asia Pacific Bond Fund1 and the introduction of the enhanced single pay back-end loaded investment-linked product with limited health evidence required,” said Indren Naidoo, President and Chief Executive Officer, Manulife Philippines.
In January 2012, Manulife launched the enhanced single pay back-end loaded investment-linked product – known as Affluence Max Gold for the agency channel and Platinum Invest Elite for the bancassurance channel – with no medical examinations required from applicants, subject to company rules.2 “Since then we have had strong sales from both agency and bancassurance channels,” said Mr. Naidoo.
Manulife Philippines grew its agency force to over 3,200 agents, or 27 per cent from the same period in 2011. “The recruitment of insurance advisers and agency leaders remains a key cornerstone for our business expansion in key urban areas outside Metro Manila,” said Mr. Naidoo.
About Manulife Philippines
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$512 billion (US$512 billion) as at March 31, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.
1Attached to the single pay back-end loaded investment-linked product
2Applicable only to a certain type of coverage and subject to issue age and amount limits up to PhP 25 million or US$ 500,000 for ages 0-50 and up to PhP 12.5 million or US$250,000 for ages 51-70