Tokyo - Manulife Life Insurance Company (“Manulife Japan”; Head Office: Chofu-shi, Tokyo; President and CEO: Craig Bromley) announced its first quarter financial results for the 2012 Japanese fiscal year (the three-month period from April to June 2012).
During fiscal year 2012 Manulife Japan continued to implement its core strategy of diversification of its product offerings and sales channels, resulting in solid sales performance in the first quarter. Annualized new business premiums for individual insurance and individual annuity insurance combined grew to 17.4 billion yen, an increase of 38.0% from the same period of the previous year. Of particular note, annualized new business premiums for individual annuity insurance increased in the first quarter to 3.6 billion yen, up 195.6% on a year-over-year basis, driven by strong sales of foreign currency-denominated fixed annuity insurance products which have been rolled out in each of the Company’s sales channels since November 2011. The robust new business growth during the period contributed to an increase in total annualized in-force premiums for individual insurance and individual annuity insurance to 335.7 billion yen, up 2.9% compared to the end of the prior fiscal year.
In terms of profit-related indicators, Manulife Japan posted a loss of 1.2 billion yen in Basic Earnings for the first quarter, with Operating Income and Net Income showing losses of 1.6 billion yen and 1.2 billion yen, respectively, reflecting increased new business expenses attributable to the strong sales growth from the first quarter. The Company’s solvency margin ratio stood at 982.3% as of June 30, 2012, a continuing high level indicating the Company’s solid financial strength.
Craig Bromley, President and CEO of Manulife Japan, made the following statement regarding the fiscal year 2012 first quarter financial results:
“Manulife Japan continues to move forward with the strategic diversification of its sales channels and the offering of a wide range of products that meet customers’ needs. During the period, these efforts enabled us to maintain robust sales performance and to successfully expand our business operations. Going forward, as a strong, reliable, trustworthy and forward-thinking company, we will continue our focus on providing quality products and services.”
Manulife Life Insurance Company (“Manulife Japan”) is a member of the Manulife Financial Group.
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients 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. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$514 billion (US$504 billion) as at June 30, 2012.
The Company operates as Manulife Financial 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 Financial can be found on the Internet at manulife.com.
Manulife Life Insurance Company