TORONTO (Yosefardi) – Manulife Financial Corporation reported its Indonesia insurance sales increased 34% to US$26 million for the quarter ended March 31, 2014 (1Q14), driven by strong sales through our bank distribution channel.
While Asia Division 1Q14 insurance sales of US$258 million were 23% higher than 1Q13.
Meanwhile Indonesia wealth sales reached US$92 million, down 62% as both rising local interest rates and market uncertainty in advance of elections impacted sales of single premium unit-linked and mutual fund products.
Wealth sales in 1Q14, for Asia divisionm were US$1.5 billion, a decrease of 37% compared with 1Q13.
Developing our Asian opportunity to the fullest – Manulife reported improved momentum in insurance sales with a significant increase in Japan and double digit growth in most other territories supported by new product launches and marketing efforts.
While wealth sales continued to be at the levels seen in the second half of last year, down from the first half of last year, as rising interest rates and market uncertainty continued to impact some markets.