ENP Newswire - 17 February 2014
Release date- 14022014 -
Manulife Life Insurance Company ('Manulife Japan'; Head Office: Chofu City, Tokyo; President and CEO: Gavin Robinson) announces its year-to-date (April 2013 to December 2013) financial results for the third quarter of FY2013 which ended on December 31, 2013.
During the period in review, Manulife Japan continued to focus on driving forward its core business strategies, including a further strengthening of its sales structure and ongoing enhancement of its products. The robust sales of the 'Prosperity Term Insurance' resulted in the growth of annualized in-force premiums for individual insurance by 7.0% from the end of March 2013 to the end of December 2013. This growth of in-force policies provides a strong business foundation for stable earnings.
Manulife Japan posted Basic Earnings of 29.4 billion yen for the first nine months of FY2013, which included a partial release of policy reserves related to reinsurance transactions as part of rigorous risk management. Operating Income and Net Income for the same period increased on a year-over-year basis, amounting to 34.5 billion yen and 25.5 billion yen, respectively. The Company's solvency margin ratio stood at 1,353.7% as of December 31, 2013, maintaining a comfortable high level.
Gavin Robinson, President and CEO of Manulife Japan, made the following statement regarding the financial results for the nine-month period from April 2013 to December 2013.
'Manulife Japan continues to focus on the ever-changing needs of our customers. During the period, our efforts to strategically reinforce our sales channels and products supported solid sales. Going forward, Manulife Japan will continue and further enhance these efforts to deliver high quality products and services, putting the customer at the centre of everything we do.'
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. Clients look to Manulife for 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$599 billion (US$563billion) as at December 31, 2013. 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 Japan can be found on the Internet at http://www.www.manulife.co.jp.
Manulife Life Insurance Company (www.manulife.co.jp)