Manulife Vietnam reports strong growth in the second quarter 2011

Manulife Vietnam today reported second-quarter growth of 32 per cent in annualized premium equivalent (APE) for its life insurance division compared with the second quarter of 2010.

David Wong, Senior Vice President for Manulife ASEAN operations, said: “Our second-quarter results showed excellent progress and established many new records in sales and business growth for Manulife Vietnam. We are pleased that our efforts to develop a diversified product portfolio, invest in the development of our professional agency force and offer international standards of services have contributed to this upward trend.”

Second-quarter business growth for Manulife Vietnam was attributed to the expansion of its sales force as well as the launch of a comprehensive endowment product called My Family. The My Family product was launched in June and offers customers financial protection against 31 of the most common critical illnesses up to age 85 as well as a hospitalization cash subsidy up to age 75. “Shortly after the launch, the My Family product generated record sales, making June 2011 the strongest sales month in the company’s 12-year history. The My Family product has been well received by our customers and our agency force,” said Mr. Wong.

Manulife Vietnam also invested in the training and professional development of its agency force, seeing it expand 24 per cent in the quarter over the same time last year and now numbering more than 10,000 people. This will continue to be a key area of focus for the future to build an even more professional and competitive sales force.

“Our strong performance in the second quarter resulted from the successful execution of our growth strategy in Vietnam. Our balanced approach of offering innovative products while diversifying and professionalizing our distribution channels has been key to this success,” said Mr. Wong.

About Manulife Vietnam

Manulife Vietnam – the first 100 per cent foreign-owned life insurance company licensed in Vietnam – provides financial services to more than 300,000 customers through a network of over 10,000 professionally qualified agents. Manulife has been operating in Vietnam since June 1999. On June 14, 2005, Manulife Vietnam Fund Management Company Limited, whose name was changed to Manulife Asset Management (Vietnam) Company Limited in December 2010, a wholly owned local subsidiary of Manulife Vietnam, was granted license to operate a fund management and portfolio management services company, further expanding Manulife Vietnam’s product offerings for its customers.

As the top player in the market, Manulife Vietnam offers a wide range of innovative insurance products which are supported by the most effective and value-added services on the market today. Whatever stage in life, Manulife Vietnam can help its customers feel financially secure with a life insurance plan that meets their specific needs – whether it’s family protection, education or investment solutions.

Manulife Vietnam remains committed to supporting the communities, in which it conducts business in both educational and charitable activities, donating a total of VND 10 billion since 1999. Some of the organizations and programs to which the Company has donated time and money include: the Vietnam Association for Promoting and Supporting Educational Development, Terry Fox Foundation, Operation Smile, Health Check and Care programs, Saigon Children’s Charity, National Library for the Blind, the annual Manulife Care and Let’s Help Children Go To School program.

About Manulife Financial

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$481 billion (US$498 billion) as at June 30, 2011. 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.www.manulife.com.

Tags: Manulife Vietnam, Vietnam insurance, Vietnam insurance industry, Vietnam insurance market