Manulife offers pioneering variable insurance product

MANILA, Philippines — Manufacturers Life Insurance Co. Philippines Inc. (Manulife) recently launched a new variable life insurance product that will instantly reward customers, while still providing long-term investment returns.

The first of its kind in the market, Affluence Max Elite provides a guaranteed start-up bonus which ranges from 0.5 percent to 1.25 percent of the customer’s initial investment.

 It also comes with a minimum protection coverage equivalent to 125 percent of the total investment.

Manulife said its customers may receive loyalty bonuses for staying invested over the long term.

“Having a long term view on savings and investment is critical to achieving financial goals, so we continuously strive to innovate new and exciting products that will encourage more Filipinos to invest now,” said Ryan Charland, president and chief executive officer of Manulife Philippines.

With Affluence Max Elite, Charland said more Filipinos would be encouraged to invest.

“When asked when the best time to invest, our answer is always now. We hope that with Affluence Max Elite, more Filipinos will be encouraged to partner with Manulife and reap the rewards of investing early,” he said.

Manulife opened its doors for business in the Philippines in 1907. It  is a wholly-owned domestic subsidiary of Manulife Financial Corp., among the world’s largest life insurance companies by market capitalization.

In 2017, Manulife maintained its spot as the sixth largest life insurance company in the country with a total premium income of P17.7 billion. This was 6.4 percent higher than the P16.63 billion recorded in 2016.

It also took the fourth spot in the life insurance sector in terms of net income, reporting P3.07 billion in 2017.

The company’s net worth reached P14.07 billion as of the end of December last year, while paid-up capital settled at P930 million. Its assets reached P98.3 billion.