Manulife Vietnam has reported 32 per cent second-quarter growth in annualised premium equivalent for its life insurance division compared with 2010’s second quarter.
Second-quarter business growth for Manulife Vietnam was attributed to the expansion of its sales force and launch of an endowment product called My Family.
The My Family product was launched in June and offers customers financial protection against 31 of the most common critical illnesses up to age 85 as well as a hospitalisation cash subsidy up to the age of 75.
“Shortly after the launch, the My Family product generated record sales, making June 2011 the strongest sales month in the company's 12-year history. The My Family product has been well received by our customers and our agency force,” said David Wong, senior vice president for Manulife ASEAN operations.
Manulife Vietnam also invested in the training and professional development of its agency force, seeing it expand 24 per cent in the quarter over the corresponding period last year and now numbering more than 10,000 people.
Operating in Vietnam since 1999, Manulife Vietnam now has more than 300,000 customers through a network of 10,000 agents.