Interim Net Income of 9.6 Billion Yen, Solvency Margin Ratio of 1169.2%
Tokyo - Manulife Life Insurance Company (hereinafter “Manulife Japan”; Head Office: Chofu-shi, Tokyo; President and CEO: Craig Bromley) announces its financial results for the first half of fiscal year 2009 (April to September 2009).
During the first half of FY2009, Manulife Japan achieved improvement in every major profit-related indicator, reflecting an upturn in the stock markets following the first quarter and favorable sales of individual insurance, which have continued since last year. Basic Earnings, an indicator showing the earnings performance of the Company’s core insurance business, rose to 4.3 billion yen, while Operating Income and Interim Net Income for the period rose to 9.3 billion yen and 9.6 billion yen respectively.
In terms of sales, during the period sales of Increasing Term Insurance and Whole Life Cancer Insurance, centered on the MGA channel, continued their favorable development. Annualized new business premium for individual insurance was 14.7 billion yen, an increase of 32.0% compared to the same period a year ago. While total combined annualized new business premium for individual insurance and individual annuity insurance during the term was 21.4 billion yen, which was 70% of the total in the same period a year ago due to lower sales of variable annuity insurance, total combined annualized in-force premium for individual insurance and individual annuity insurance showed a steady increase, rising to 256.0 billion yen, up 4.3% compared to the end of the preceding fiscal year.
Manulife Japan maintained its robust financial strength through solid business management. The Company’s Solvency Margin Ratio as of September 30, 2009 stood at 1169.2%, up 237.2 points from the end of March 2009. As of the end of September 2009, the Company’s total assets had reached 1,906.4 billion yen.
Craig Bromley, President and CEO of Manulife Japan, made the following statement regarding the financial results for the six-month period:
“Manulife Japan’s earnings improved during the first half of fiscal year 2009 as a result of our solid business management strategy. While we expect to face an uncertain market environment going forward, we will continue to take a progressive approach with the aim of earning the trust of even more customers, through maintaining our robust financial strength, promoting diversification of our product lineup, and expanding our sales channels.”
About Manulife
Manulife Life Insurance Company (“Manulife Japan”) is a member of the Manulife Financial group.
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents, and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$436.5billion (US$407.1billion) as of September 30, 2009.
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 www.manulife.com. Manulife Japan can be found on the Internet at www.manulife.co.jp
Media Contact:
Saeko Yoshioka
Communications Department
Manulife Life Insurance Company
Tel: 042-442-7180
The MGA (Managing General Agents) channel is named after the large-scale, independent agencies in the North American market. Manulife Japan established its MGA Department in February 2007, and is taking a proactive approach to realizing a new type of agency business in Japan, with a focus on the high net worth market segment, including business entrepreneurs, business owners, and other persons of means.
