Company Achieves Strong Sales Performance and Maintains Solid Financial Strength
Tokyo,Japan – Manulife Life Insurance Company (“Manulife Japan”; Head Office: Chofu-shi, Tokyo; President and CEO: Craig Bromley) announces its first quarter financial results for the 2010 Japan fiscal year (April to June 2010).
During the quarter in review, Manulife Japan again achieved strong sales results due to the Company’s continued focus on its core strategy of flexible development and diversification of its sales channels and product lineup. In particular, robust sales of “Kodawari-Shushin (Low CSV-Type)”, a new whole life insurance product introduced in February 2010, helped drive annualized new business premiums for individual insurance to 10.2 billion yen for the period, an increase of 39.6% from the same period in the previous year. Annualized new business premiums for individual insurance and individual annuity insurance combined grew to 13.1 billion yen, a 9.7% increase compared to the same period in the previous year. In addition, total annualized in-force premium for individual insurance and individual annuity insurance saw a steady rise to 278.2 billion yen, up 2.6% compared to the end of the preceding period.
In terms of profit-related indicators, Manulife Japan posted Basic Earnings of 500 million yen for the quarter, lower than the same period in the previous year due mainly to unfavorable movements in the financial markets. Operating Income and Net Income for the quarter were 600 million yen and 1 billion yen, respectively. Despite the uncertain market conditions, Manulife Japan maintained its robust financial strength. As of June 30, 2010, the Company’s solvency margin ratio was 1,240.0%, and the Company’s total assets were 1,925.4 billion yen, significantly high levels demonstrating the Company’s solid financial strength.
Craig Bromley, President and CEO of Manulife Japan, made the following statement regarding the financial results for the quarter in review. “Manulife Japan continues to focus on the strategic diversification of its sales channels and the development of innovative products that meet customers’ needs, and these dedicated efforts produced solid results during the quarter. Going forward, as a strong, reliable, trustworthy and forward-thinking company, we will continue to take a proactive approach in maintaining our solid financial strength and further enhancing the quality of our products and services.”
Manulife Japan is committed to providing its expanding customer base with high-quality products and services, utilizing the expertise of Manulife Financial group companies both overseas and in Japan.
About Manulife
Manulife Life Insurance Company (“Manulife Japan”) is a member of the Manulife Financial Group.
Manulife Financial is a leading Canadian-based financial services group operating in 22 countries and territories worldwide. For more than 120 years, clients worldwide have looked to Manulife for 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 around the world. We provide asset management services to institutional customers worldwide as well as reinsurance solutions, specializing in life and property and casualty retrocession. Funds under management by Manulife Financial and its subsidiaries were Cdn$454 billion (US$428 billion) as at June 30, 2010. 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 www.manulife.com.Manulife Japan can be found on the Internet at www.manulife.co.jp.
Media Contact:
Saeko Yoshioka
Communications Department
Manulife Life Insurance Company
Tel: 042-442-7180
