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MANILA - The bancassurance joint venture of Manulife Life Insurance Co. and China Banking Corp. has become a "business of significance" for the UK-based insurance firm since it was formed five years ago.
In a briefing, Robert Wyld, Manulife Chinabank Life Assurance Corp. president and chief executive officer, said premiums and deposits climbed 128 percent, while its total assets under management increased by 92 percent to P5.6 billion during the period.
Since its establishment in October 2007, MCBL now accounts for approximately 30 percent of Manulife's overall business in the Philippines.
"We are looking to make further improvements to our sales process by introducing an interactive tool which helps identify client's needs and deliver tailor-made solutions to their financial challenges and aspirations," said Wyld.
Manulife's insurance sales grew 9 percent in the first half.
Indren Naidoo, Manulife Philippines president and chief executive officer, said sales were driven by its investment-linked products, namely Enrich Gold and Platinum Invest Elite.
Last year, MCBL sold nearly 5,500 policies.
The company has also grown its financial sales associates to 210 from 19 when the joint venture began five years ago. They cover 274 branches of China Bank and China Bank Savings.
In this period of low interest rates, China Bank sees the joint venture contributing P250 million this year to the lender's fee-based income, higher than the previous year's P175 million, said Alexander Escucha, China Bank first vice president and head of corporate planning.
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