Manulife reports winged growth

Manulife Vietnam steadily maintains its position among the top-3 players in Vietnam’s life insurance marketPhoto: Le Toan

The company last week announced that its total premiums and deposits grew 22 per cent on year in 2013 to VND2.63 trillion ($125 million), in which the annualised premium equivalent (APE) insurance sales increased 18 per cent to VND846 billion ($40.3 million). Total assets under Manulife Vietnam’s management grew 31 per cent on-year to VND8.39 trillion ($399.9 million), and insurance sales of bancassurance continued their remarkable growth with 329 per cent over 2012.

“I am very pleased that Manulife Vietnam has delivered a successful 2013 with outstanding performance despite a very difficult year for the business and is no doubt one of the growth engines for Manulife in Asia,” said Indren Naidoo, Manulife’s regional CEO for Thailand, Vietnam and Cambodia. “We have been demonstrating our capabilities and commitment to provide customers with products and services of international standards. I am confident that Manulife Vietnam will achieve even more impressive results in the Year of the Horse and become the brand of choice for Vietnamese families’ most significant financial decisions.”

Operating in Vietnam since June 1999, Manulife Vietnam, the first 100 per cent foreign-owned life insurance company licensed in Vietnam, has grown into one to the top three largest life insurers in the country today. The company’s consistent business strategy is based on developing a professional agency team, expanding distribution channels and diversifying its product portfolio to meet customers’ rising needs. By the end of 2013, Manulife Vietnam has developed more than 13,000 professional agents, providing a wide range of innovative life insurance products and financial services.

Manulife Vietnam is also co-operating with banking partners to meet increasing market demand. In addition, through the Vietnam Women’s Union, the life insurer has developed a micro-insurance programme for low-income women in support of the government’s goal to universalise insurance knowledge, contribute to social welfare, decrease poverty and promote savings among Vietnamese.

On June 14, 2005 Manulife Vietnam Fund Management Company Limited, which was then renamed Manulife Asset Management (Vietnam) Company Limited in November 2010, a wholly-owned local subsidiary of Manulife Vietnam, was granted a license to operate a fund management and portfolio management services company, further expanding Manulife Vietnam’s product offerings for its customers.