Tokyo - Manulife Life Insurance Company (hereinafter referred to as “Manulife Japan”; President & CEO: Craig Bromley) will begin selling “Growth Currency”, a new multi-currency individual annuity insurance product designed to meet the changing needs for asset formation of Japanese consumers, through the Bank of Tokyo-Mitsubishi UFJ, Ltd. (hereinafter referred to as “BTMU”; President: Katsunori Nagayasu), from February 1, 2010.
“Growth Currency” is a foreign currency-denominated fixed annuity product that meets the needs of customers who desire to build foreign currency-denominated assets by using higher overseas interest rates while investing their funds in a reliable and simple manner. Customers may choose the currency from among five foreign currencies, including the U.S. dollar, Australian dollar, New Zealand dollar, Canadian dollar and the Euro. Customers can also realize a steady increase in assets in the selected currency, as the interest rate on the fund, determined at the time of policy issue, will remain applicable to the accumulated fund during the deferral period. In addition, customers may select the length of the deferral period to be three years, five years, or ten years, and upon expiration of the deferral period receive the total fund value amount plus a bonus in either the selected currency or in Japanese yen.
Main Features of “Growth Currency”
1. Customers may choose the currency from five currencies.
- The following currencies are available, each of which has its own distinctive characteristics: U.S. dollar, Australian dollar, New Zealand dollar, Canadian dollar, and Euro.
2. Customers can realize a steady increase in assets in the selected currency.
- Customers may utilize higher overseas interest rates.
- Customers may steadily accumulate their assets in the selected currency, as the interest rate on the fund determined at the time of policy issue will remain applicable to the accumulated fund during the deferral period.
- A bonus will be added to the fund value at the expiration of the deferral period, and the aggregate amount of both the bonus and the fund value will be used as annuity capital.
3. Customers may determine the deferral period and annuity payout method with ease.
- Customers may select the length of the deferral period to be three years, five years, or ten years.
- Upon expiration of the deferral period, customers can receive an annuity (or lump sum) either in the currency selected at policy issue or in Japanese yen.
Manulife Japan is committed to developing and offering innovative products and quality services to as many customers as possible, with the aim of serving real customer needs by leveraging the knowhow, expertise and experience accumulated among Manulife Financial group companies in both overseas markets and in the Japanese market.
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$436.5 billion (US$407.1 billion) 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.
Manulife Life Insurance Company
“Deferral Period” means the period from the policy effective date to the date immediately prior to the annuitization date.
“Bonus” means the difference between the fund value at the expiration of the deferral period and the basic benefit.