Manulife Philippines: Significant Rise in Benefit Payouts in 2013
Manulife Philippines posted a significant rise in benefit payouts in 2013, allowing more clients to enjoy the benefits of their insurance policies than in the previous year. Maturity benefit payments amounted to PhP 807 million or a growth of 38 per cent in 2013, lifted by the growth of education and pension benefits paid out. Those receiving pension and education payments increased by 20 per cent in 2013 over 2012.
“The rise in our benefit payout figures points to our secured position of financial strength, and more importantly reinforces our cherished reputation of reliably delivering on our obligations to our policyholders for over 100 years,” said Ryan Charland, President and Chief Executive Officer, Manulife Philippines. “We are pleased to fulfill our commitments to an increasingly greater number of people, especially in areas relevant to the future of many Filipino families: providing education for their children and financial security in their old age.”
Living benefit payments amounted to PhP 82 million in 2013 or a significant increase by 175 per cent over 2012 – with accident, major disease and critical illness benefit payments leading the list in terms of recorded payouts.
“The growth in living benefit and maturity benefit payouts to our policyholders serves as clear proof that insurance benefits can be enjoyed during one’s lifetime. As our customers enjoy their Manulife benefits, many more people will see the importance of insurance as a way to safeguard their future needs for savings, wealth, education, hospitalization coverage and more,” said Mr. Charland.
About Manulife Philippines
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation, among the world’s largest life insurance companies by market capitalization.
Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. Funds under management by Manulife and its subsidiaries were approximately C$635 billion (US$574 billion) as at March 31, 2014. The Company operates as Manulife in Canada and Asia and primarily as John Hancock in the United States. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife can be found on the Internet at manulife.com.