Manulife reported 44% rise in sales in 2011

MANILA, Philippines—Manulife Philippines posted a 44-percent increase in insurance sales last year to $33 million (about P1.5 billion) from the year before due to an expanded distribution force, new branches and new products.

In a statement, Manulife Philippines said that as of the end of 2011, its total assets under management reached a record of $1 billion, as the number of fulltime agents breached the 3,000-mark.

“2011 was a very fruitful year, laying the groundwork for sustainable business growth in 2012 toward our goal to become the industry’s leading multinational, multi-product and multi-channel life insurance company serving the financial protection needs of Filipino families across the country,” said Indren Naidoo, president and CEO of Manulife Philippines.

“The constant expansion of our agency force enabled us to open five new branches in Metro Manila and provincial areas, increasing the number of branch offices to 22 nationwide in 2011,” Naidoo said.

The growth in insurance sales last year was also boosted by the new products that Manulife Philippines introduced last year, specifically those that addressed the financial protection, education and savings needs of consumers.

One of these new products is First Protect/ProSecure, which provides life and accident protection for 10 years. At the end of the 10-year period, the policyholder is entitled to a maturity benefit. The product is packaged with accidental death benefit and a total disability coverage.

Another product is Smart Minds/Bright Minds, a limited-pay peso participating endowment plan with combined education and insurance benefits for the child and which has protection benefits and contingent fund in case of the payor’s death or disability.