Manila– Manulife Philippines’ total sales grew by 78 per cent in the first quarter of 2010 compared with the same period in 2009. There was a 56 per cent increase in total regular premium sales and a 165 per cent increase in total single premium sales for the first quarter of 2010 over 2009.
Total premiums and deposits in the first quarter of 2010 increased by 16 per cent over the same period last year, while total assets under management grew by 30 per cent.
“Rising product demand and both agency and bancassurance distribution channel development have helped Manulife Philippines gain momentum early this year,” said Indren Naidoo, President and Chief Executive Officer, Manulife Philippines. “One of the key factors to our strong start this year was the dynamic growth of the bancassurance distribution channel through Manulife Chinabank Life Assurance Corporation operations.”
Total bancassurance sales more than doubled in the first quarter of 2010 over the same period last year, due to very strong market demand for regular and single-pay products.
In recent months, Manulife Philippines has embarked on growing its corporate presence and customer reach in line with the company’s strategic growth initiative. “We are expanding our agency distribution channel by aggressively recruiting financial advisors,” said Naidoo. “Aside from opening new branch offices in Isabela, Ortigas Centre and Sta. Rosa, Laguna, we are also developing our alternative channels through partnerships with independent providers to directly market our products to target customers.”
About Manulife
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, among the world’s largest, North America’s second largest, and Canada’s largest life insurance company by market capitalization.
Manulife Financial Plans, Inc. is a wholly-owned subsidiary of The Manufacturers Life Insurance Co. (Phils.), Inc.
Manulife Chinabank Life Assurance Corporation is a bancassurance joint venture company of China Banking Corporation (China Bank) and The Manufacturers Life Insurance Co. (Phils.), Inc.
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 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 C$446 billion (US$440 billion) as at March 31, 2010.
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 www.manulife.com.
