|
| |
FOR IMMEDIATE RELEASE
November 26, 2002 |
 Printer Friendly Version |
This release was distributed to members of the Financial Press Club and other press in Japan, in Japanese only. The following translation is provided for information only.
Announcement of Financial Results for First Half of FY2002
Japan - Manulife Life Insurance Company (the Company)(President: Trevor J. Matthews) announces the Account Settlement for the first half of FY2002.
The Company formulated a new vision and corporate strategy following the corporate name change in September 2001, and the entire Company is striving to become “the most professional life insurance company in Japan” with its sound management and good growth potential.
Key Business Performance and Overview of Account Settlement
There was a 17% Y-O-Y decrease in the total assets at the end of fFirst half FY2002, total assets decreased to 83% Y-O-Y, and 15% Y-O-Y decrease in the amount of individual business in-force (individual insurance and individual annuities) declined to 85% Y-O-Yin this period. These decreases were the result of the surrender of policies transferred from DHY.
However, payments of benefits decreased by 70.6% Y-O-Y. In particular, there was a 85.8% Y-O-Y decrease in surrender benefits decreased to 14.2%Y-O-Y as a result of the significant drop in surrenders of transferred policies compared to that of the same period last year.
During this time, sales of ManuFlex, the Company’s new universal life insurance product launched last October were strong, accounting for 87% of new business volume in the first half of FY2002 and becoming the Company’s flagship product.
Also, sales of single premium products, including ManuSolution a variable annuity product that was launched in February this year, were strong and the total amount of first premium for individual insurance increased by 44.8 % compared to the same period last year.
Solid Financial Foundation and High Solvency Margin Ratio
The Company has a solid financial foundation with a high solvency margin ratio of 1,015.5% at the end of September 2002.
AA+ Rating from Standard & Poor’s for Insurance Financial Strength Maintained
As of the end of October 2002, the worldwide rating institution Standard & Poor’s gave the Company an AA+ rating. This ranking placed the Company as one of the highest rated life insurance companies in Japan.
Other Points
- In order to conduct operations in a modern, flexible, and efficient manner, the Hinode Project was launched to upgrade the existing computer systems into the newest computer platform. This system upgrade will allow the Company to provide even better service to customers.
- On May 1st, 2002, the Company changed the title of sales representatives to “Plan Right Advisor” to accompany the Company’s vision statement and to solidify the “Plan Right” sales process. Sales offices were renamed PIT (a place to receive Power and Information, and conduct Training), and sales office managers were appropriately given the new title of “PIT Manager”.
- In July 2002, a new sales training system called MASCL (Manulife Academy Sales Collaborative Learning) was introduced to help participants increase their sales performance. MASCL provides training for Plan Right Advisors in an active learning environment, instructing them on how to understand customers’ needs and suggesting solutions (“Plan Right Process”) as well as methods to expand their network of clients.
- On August 19th, 2002, the Company launched sales of medical riders “Initial Hospitalization Benefit Rider” and “Accidental Outpatient Benefit Rider.” These riders can be added to the universal life insurance ManuFlex. The Company also began sales of a medical coverage-focused ManuFlex “Medical and Wealth Plan” targeted at seniors over the age of 50, providing the enhanced medical coverage that has recently grown in demand.
- On August 26th, 2002, the Company launched sales of ManuFlex “Key Person Plan” and ManuFlex “Executive Plus Plan.” Both of these products target small and medium-size businesses and mark the start of the Company’s development of a nationwide corporate insurance market.
- On October 1st, banks nationwide began over-the-counter sales of variable annuities. The Company has teamed up with a number of banks, and sales through this channel have been strong. The Company plans to team up with more banks in the future.
- On November 1st, the company was granted the Corporate Excellence Award by The Canadian Chamber of Commerce in Japan (CCCJ) in recognition of its success in developing business in Japan.
- As a part of its service to DHY policyholders, the Company launched a conversion system to the highly popular universal life insurance product ManuFlex on November 15th. With this conversion system, policyholders will be able to put liability reserves and dividends under the existing policy into FlexFund, in which assumed rates of return will respond monthly to interest rate fluctuations and offer a minimum guaranteed assumed rate of return.
Manulife Life Insurance Company is a group company of Manulife Financial. Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial totaled Cdn$139.2 billion as of September 30, 2002.
For inquiries, please contact:
Fujino, PR Group
Manulife Life Insurance Company
TEL 0424-42-7078 |
|
