MANILA, Philippines - Manulife Philippines said its total premiums and deposits in the first semester reached P14.416 billion, a strong 174-percent growth from the P5.25 billion recorded in the same period in 2012.
For the whole of 2012, Manulife Philippines registered total premiums of P12 billion, or 70 percent better than the P7 billion in 2011. First year premiums on insurance sales alone amounted to P1.5 billion. It remains among the top 10 life insurers in the country.
Manulife Philippines president and chief executive officer Indren Naidoo said that during the first half of 2013, the insurer posted flat growth in insurance APE (annualized premium equivalent) sales, but its wealth sales grew 368 percent compared to the same period in 2012.
“Funds under management amounted to $1.75 billion (P75.7 billion), an increase of 38 percent from the same period in 2012,†Naidoo added.
Investment funds are generated through the sale of the popular variable or unit-linked (VUL) insurance products laced with an investment feature. The investments are placed in various Manulife-directed mutual funds which, in turn, are placed in equity, fixed income and balanced funds.
“Manulife is able to provide various options for different risk appetites and capacities that continue to meet diverse needs,†Naidoo said.
Around three-quarters of total insurance sales in the second quarter and first half of 2013 came from the agency sales channel, in part due to customers’ interest in the enhanced gender-specific financial protection product series launched in April.
On the other hand, 46 percent of the insurer’s total wealth sales came from Manulife China Bank Life (MCBL) operations in the second quarter of 2013. MCBL is the bancassurance joint venture company between China Banking Corp. (China Bank) and Manulife.
This contributed to an increase of 448 percent in total bancassurance sales over the same period last year.
Manulife is bannered by more than 4,200 agents, situated in 30 strategically-located branches nationwide.
“We aspire to grow significantly beyond the 315,000 lives that we currently cover across the economic spectrum, through our wide range of protection, wealth, savings, education and health solutions for addressing the financial needs of Filipino families,†Naidoo added.