The 11th Asia Insurance Industry Awards gave Manulife Financial Asia the title Life Insurance Company of the Year. Below is the complete write up found at the Asia Insurance Review web site.
Life Insurance Company of the Year
Manulife Financial Asia
The life insurer scored top marks for its continuing commitment to professionalism, excellent customer service and innovation with first-to-market products such as Manulife Secure Income Plus.
The past year has heralded some significant milestones for Manulife in Asia. Manulife Philippines marked its centenary this year, while its Hong Kong offices toasted 110 years of operations. Meanwhile in China, Manulife-Sinochem opened for business in its 20th city, more than any other foreign joint venture life insurance company.
Manulife operates in 10 countries and territories in Asia with a 25,000-strong agency force and an expanded distribution network of 50 agreements with banks and securities dealers, serving nearly five million customers in the region.
It has also dedicated significant resources to deepening its knowledge and understanding of the Asian markets. One example of this was the substantial research project it undertook in 2006 during the development of its pioneering variable annuity product, Manulife Secure Income Plus - the first of its kind in Asia, excluding Japan, to offer a guaranteed income for life. Its research showed that pre-retirees in Asia can expect to potentially live for 30 to 40 years in retirement, yet that many are unaware of this fact and risk running out of money in their old age.
The past year has also seen significant developments in Manulife's bancassurance partnerships. Manulife signed a strategic alliance through a joint venture company between China Bank and Manulife in the Philippines. OCBC Bank launched a Manulife whole life plan in Malaysia to meet education needs and in Taiwan, Manulife successfully established three new banking partners: Taishin Bank, Ji Shen Bank, and China Trust. In addition it made acquisitions such as that of Pramerica Life in the Philippines, which was completed in August 2006.
Another example of its efforts in developing new channels occurred in February this year when Manulife in Japan established a Managing General Agents Development Department. This new department aims to establish and promote a new agent channel to complement sales by its existing PlanRight advisor channel. The offer will focus on the high net worth market segment, opening up an important new channel for its business in Japan.
Manulife now boasts the coveted AAA rating from rating agency Standard & Poor's in recognition of its financial and operational strength, one of only two publicly traded companies in the world to boast this accolade.
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