Since opening its doors in Vietnam as the first 100 per cent foreign-owned life insurer on June 12, 1999, Manulife Vietnam has successfully established itself as the company of choice in Vietnam’s thriving insurance market.
Manulife Vietnam obtained strong growth in the second quarter of 2010, building on an excellent start in the first quarter. For the first half of the year, annualized premiums on new accounts reached VND195 billion, an increase of 46 percent in comparison with the same period of 2009. Total premiums and deposits rose to VND 666.4 billion for the first half of the year, an increase of 18 percent against the same period of 2009. It was also a record quarter with 3,000 agents recruited, for a total of over 8,400 agents by quarter end, an increase of 51 percent against the same period last year. Total assets under management grew 11 percent year-to-date.
Increased case size, strong agency growth and contributions from alternative channels, especially micro-insurance which contributed 8 percent of sales, were key growth drivers in the second quarter of 2010.
“Our impressive growth in the first half of the year reflects our continued commitment to providing customers with quality products which meet their financial needs. I am very proud that we continue to outperform the competition and solidify our position among the top three life insurance companies in Vietnam. We will pursue aggressive agency growth, pioneering product innovation and effective customer service strategies to continue this sales momentum for the balance of the year,” said Carl Gustini, CEO & General Director of Manulife Vietnam.
Operating through a network of 12 cities and provinces throughout the country, Manulife Vietnam currently serves more than 310,000 customers through a network of more than 8,400 professional agents and nearly 300 employees.
In eleven years, Manulife Vietnam has grown rapidly to become a world-class company providing a competitive array of financial protection products to Vietnamese customers. The first half of 2010 saw a strong upward trend in sales of Maxx Phuc Loc Thinh Vuong.
Maxx Phuc Loc Thinh Vuong was developed for customers to build investment portfolios with optimal returns by using “dollar cost averaging”, a strategy to invest regularly regardless of the market. The product has the added bonus of an insurance protection component.
“The company continues to enjoy the trust of Vietnamese customers who are assured that Manulife is committed to helping them secure their futures by providing a wide product selection and good customer service. Our goal is to help our customers achieve financial security by remaining a reliable, strong, trustworthy and forward-thinking company,” added Mr Gustini.
The important role Vietnam plays to Manulife was underscored on August 2 when Philip Hampden-Smith, Executive Vice President and General Manager of South East Asia Operations for Manulife Financial, met with Deputy Prime Minister Nguyen Sinh Hung in Hanoi to outline the company’s aggressive growth plans to become the top life insurer in Vietnam, and to reaffirm the company’s long-term commitment to developing this underserved life insurance market.
PV
Vietnamese
