While Canada remains solid for policy growth in personal insurance lines, international carriers are increasingly turning to China and other Asian markets to grow business.
While Canada remains solid for policy growth in personal insurance lines, international carriers are increasingly turning to China and other Asian markets to grow business.
“Our strong core earnings demonstrate our continued execution on the key drivers of earnings growth,” says Steve Roder, Chief Financial Officer for Manulife Financial Corporation, pointing to “strong insurance growth in Asia.”
In terms of strategic developments, Manulife was the first foreign invested life insurance company in mainland China to be granted a licence to sell mutual fund products through its agency force – something that has spurred the company to nurture and develop even further through the introduction of behavioural finance and artificial intelligence software to help advisors grow new business in emerging markets as well as relatively mature ones.
The DBS Bank Ltd. deal Manulife signed earlier this year came at a steep price – at least $1.5 billion – but did allow the insurer access to DBS customers in four highly attractive Asian insurance markets.
To date, the DBS deal has delivered about one-fifth of its new business value in Singapore last year – or 16 per cent of its Asian business – but just 3 per cent of the total group.
Economic forecasters like Ernst & Young predict that approximately 39 per cent of the world’s economy will be generated from the Asian-Pacific region this year alone.
“Our strong core earnings demonstrate our continued execution on the key drivers of earnings growth,” says Steve Roder, Chief Financial Officer for Manulife Financial Corporation, pointing to “strong insurance growth in Asia.”
In terms of strategic developments, Manulife was the first foreign invested life insurance company in mainland China to be granted a licence to sell mutual fund products through its agency force – something that has spurred the company to nurture and develop even further through the introduction of behavioural finance and artificial intelligence software to help advisors grow new business in emerging markets as well as relatively mature ones.
The DBS Bank Ltd. deal Manulife signed earlier this year came at a steep price – at least $1.5 billion – but did allow the insurer access to DBS customers in four highly attractive Asian insurance markets.
To date, the DBS deal has delivered about one-fifth of its new business value in Singapore last year – or 16 per cent of its Asian business – but just 3 per cent of the total group.
Economic forecasters like Ernst & Young predict that approximately 39 per cent of the world’s economy will be generated from the Asian-Pacific region this year alone.
