Individual life sales were particularly strong with total sales increasing by 15 percent versus first quarter 2004.
Total premiums and deposits increased by nine percent from January to March this year over the same period a year ago. Manulife’s pre-need sales meanwhile experienced modest gains in the first quarter with a three percent improvement compared to the same period in 2004.
"Recent financial reversals of major players in the pre-need market have shaken the insurance and pre-need markets since the latter part of 2004," said Renato Vergel de Dios, president and chief executive officer of Manulife Philippines.
"Amidst the apprehension felt by many clients of pre-need companies, Manulife planholders can be assured that Manulife has complied beyond regulatory requirements to meet its liabilities as and when these fall due."
As of December 2004, Manulife’s trust fund assets of P 2.4 billion exceeded actuarial reserve liabilities (ARL) by P257 million.
These assets are primarily invested in highly marketable medium to long term government securities with small holdings of blue chip stocks listed in the Philippine Stock Exchange (PSE).
Manulife’s pre-need company does not have traditional open ended pre-need products and has no real estate investments. The country’s pre-need industry continues to suffer from the negative effects of failures by some players to meet claims of their clients who acquired open-ended education plans. In March, Manulife Philippines launched a new set of whole life products collectively called ManuEdge. – TPT