Manulife Vietnam records 69pc growth in 2015 insurance sales
Manulife Vietnam records 69pc growth in 2015 insurance sales
Manulife Vietnam, one of the Vietnam’s Top 3 insurers, reported annualised premium equivalent (APE) insurance sales of VND1.68 trillion ($75.3million) in 2015, up 69 per cent from the year before.
Total premiums and deposits rose 39 per cent year-on-year to VND4.51 trillion ($202.2 million), while total assets under management increased by 24 per cent for the 12-month period to VND13.2 trillion ($592 million).
The company reached out to more customers as it increased the number of its agents by 15 per cent year on year to 20,100 and opened nine new sales offices, expanding its offices across the country to 45.
“2015 was a strong year for Manulife in Vietnam with a number of highlights including the start of a 10-year exclusive partnership with Saigon Commercial Bank, and the launch of Direct Marketing and Telemarketing. We made life easier for customers through solutions such as the 3-in-1 family financial solution “Manulife – My Beloved Family,” said Paul Nguyen, CEO of Manulife Vietnam. “Going forward, we will continue to help our customers with their major financial decisions by offering innovative holistic life, health and wealth solutions through our diversified distribution channels.”
In 2015 Manulife Vietnam strengthened its local basis reserves for policy liabilities by VND600 billion ($27 million) in response to lower prevailing market interest rates. Excluding the effect of this non-recurring reserve adjustment, the net income of the company would have been positive and double compared to 2014.
Manulife also injected VND175 billion ($7.8 million) of capital into its Vietnam operations in the fourth quarter of 2015, a sign of the company’s commitment to the country’s insurance market.
In June 1999, Manulife Vietnam became the first foreign-owned life insurance company licensed in the country. Headquartered at Manulife Plaza, District 7, Ho Chi Minh City, Manulife Vietnam has a nationwide network of 45 offices across 32 major cities and provinces as of December 2015.
In June 2005, Manulife Asset Management (Vietnam) Company Limited (“MAMV”), a wholly owned local subsidiary of Manulife Vietnam, was granted a licence to operate fund management and portfolio management services, further expanding Manulife Vietnam’s product offering for its customers.
Throughout its 16 years of operations in Vietnam, Manulife has successfully built a strong reputation for its high quality products and professional services, maintaining its position as a top player in the market. The company offers a wide range of innovative insurance products, including traditional life, health, education, investment and pension solutions.
