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Banking

Insurance brokerage remains bullish

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China Bank Insurance Brokers Inc. (China Bank Insurance) is looking at a 46-percent profit margin by the end of 2008.  And the insurance broker is gearing up to reach the next benchmark of P500 million in the next 10 years.

Last year alone, it posted a remarkable 27-percent increase in revenues and 37-percent profit in growth.

China Bank Insurance’s annual revenue for 2007 hit P44 million, considered among the best-performing insurance brokerage firms in the country.

Assets grew from P1.5 million in 1998 to P117 million end 2007. Retained earnings reached P54 million, effectively earning 36 times their original capital in nine years. 

 “Our ultimate goal is to eventually become a P1-billion company in the not too distant future,” Gerard E. Reonisto, vice president and general manager of China Bank Insurance, said.

However, Reonisto admitted that they must manage the risks inherent in the business in the face of stiff competition and a challenged business environment.

The insurance broker of the China Banking Corp. is, in fact, earning P1.75 million per staff – one of the highest in the insurance brokerage industry.

Likewise, the presence of Manulife China Bank Life Assurance Corp. (MCBLife) ensures growth in sales and revenues for the broker.

MCBLife is a joint venture company between The Manufacturers Life Insurance Co. (Manulife) and China Bank, which is tasked to develop bancassurance. That means selling insurance products to the bank’s client base.

Manulife is a wholly-owned subsidiary of Canada-based Manulife Financial and one of the leading insurance and financial institutions in the world. 

Last month, MCBLife began offering a full range of innovative insurance and financial products for health, wealth, and education through selected China Bank branches nationwide. 

Financial sales associates (FSAs) trained by Manulife in the best practices of life insurance selling, are assigned at all Metro Manila branches and selected provincial branches of China Bank. 

By next year, they will field FSAs in all the nationwide branch network of China Bank.

When MCBLife was launched last year, there were 47 FSAs bringing in an average of 35 policies. The number of FSAs has since doubled to 106 but the production soared by 400 percent.           – TPT

BANK

CHINA

CHINA BANK

CHINA BANK INSURANCE

CHINA BANK INSURANCE BROKERS INC

CHINA BANKING CORP

GERARD E

INSURANCE

MANUFACTURERS LIFE INSURANCE CO

MANULIFE

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