Manulife Vietnam resolves majority of customer complaints

Specifically, the company has announced the resolution of 95 per cent of received complaints, with the remaining cases under thorough review and resolution, according to a Manulife statement.

Earlier in June, the company reported that it had resolved 60 per cent of complaints related to the Tam An Dau Tu insurance package. "Manulife Vietnam is committed to addressing customer complaints with the utmost respect for the law and customer-centricity," the company said.

Sachin N. Shah, chairman of Manulife Vietnam said, "Insured customers would continue to enjoy the rights outlined in their signed contracts."

He stated that the company maintains strong financial resources and the ability to exceed legal requirements. On average, Manulife disburses over 42,000 customer benefit claims each month.

Manulife representatives also acknowledged that some customers may not be satisfied upon receiving rejection letters during the complaint resolution process.

The company has made efforts to expedite the review of complaints, but the process requires time for a thorough assessment, particularly concerning SCB, as well as to prevent any wrongful claims that could adversely affect the legitimate rights of customers.

Manulife has announced its proactive approach to contacting individual customers and taking necessary steps as required.

According to the semi-annual financial report, Manulife Vietnam recorded pre-tax profits of approximately VND1.949 trillion ($82.05 million) in the first half of 2023, representing a 29 per cent decrease compared to the same period last year.

Despite a decline in profitability in insurance operations, strong financial activities contributed to a net profit of approximately $94.53 million, marking a 76 per cent increase compared to the previous year.

Similar to many other insurance companies, Manulife increased compensation and insurance payouts in response to a crisis of trust. In the first six months of the year, compensation and insurance payouts amounted to approximately $372.74 million, reflecting a 45 per cent increase compared to the same period last year.

Notably, the company disbursed approximately $63.85 million for contract cancellations, marking a substantial 282 per cent increase compared to the previous year.

During a regular quarterly press briefing, representatives from the Ministry of Finance announced an ongoing inspection of Manulife and another insurance company. The Ministry has completed examinations of six life insurance companies.

Manulife Vietnam repays over $34 million in light of accusations Manulife Vietnam has received 6,060 complaints, resolving 3,553 and refunding over VND800 billion ($34.79 million) regarding allegations against it and SCB of insurance contract deception.

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