Insurers tapping ‘flood of money’ among Filipinos
By Ben O. de Vera |Philippine Daily Inquirer
4:45 am | Saturday, September 27th, 2014
SCREENGRAB from www.manulife.com.ph
Manufacturers Life Insurance Co. Philippines Inc. (Manulife Philippines) sees industry-wide recovery in premium income in the second half of the year as more Filipinos invest in insurance products.
Manulife Philippines president and chief executive Ryan Charland told a press conference Friday that regular premiums across the industry grew at a slower pace while single premiums declined in the first semester, without citing exact figures.
The slowdown in the first half was also experienced by Manulife Philippines, which would unlikely match the robust 93-percent growth in premium income it registered in 2013, Charland said. Manulife Philippines climbed to number three in terms of premium income after posting the “strongest growth in the industry last year,” the executive said.
“Our forecast for this year is that premium income gains will be softer compared to last year. Year 2013 was a tremendous year because of some factors, like the stock market doing well, and there were the special deposit accounts,” he said.
“In 2014, it would be a challenge to replicate our 2013 growth, but we are confident that we could close the gap,” he added.
The second half of the year is shaping to be better than the first six months, the executive claimed, citing “positive trends” experienced this month.
Charland noted that there was a “flood of money” among Filipinos “that need to go somewhere”—and this is what insurance firms like Manulife Philippines increasingly tap.
To beef up sales, the company hired more than 1,000 more advisers from January up to the present, bringing to almost 5,400 its sales force to date, the executive disclosed.
Also, Manulife Philippines plans to jack up to 50 its branch-network over the next three to five years from the 31 operating now, with more branches to be opened outside Metro Manila.
Manulife Philippines is a wholly owned subsidiary of Canadian financial services provider Manulife Financial Corp. It offers life insurance, pension and education plans.
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