TORONTO (Yosefardi) – Manulife Financial Corporation (MFC) reported its insurance sales in Indonesia decreased 3% to US$26 million in second quarter of 2014.
Agency sales were lower by 24% but were substantially offset by 23% growth in bancassurance sales. It experienced an increase in rider attachment and a favourable product mix. Sales were 1% higher than 1Q14.
While MFC’s wealth sales in Indonesia reached US$251 million, dropped 34% compared to second quarter of 2013, 166% higher than 1Q14 due to improved economic conditions and market sentiment.
In Asia regiona, MFC reported premiums and deposits of US$3.8 billion in second quarter of 2014. a decrease of 21% on a constant currency basis compared with the same period of 2013.
Premiums and deposits for insurance products were US$1.5 billion, an increase of 10% compared with 2Q13 (adjusted to exclude the Taiwan insurance business), driven by strong corporate product sales in Japan and in-force business growth, notably in Hong Kong, Indonesia and China.
Wealth management premiums and deposits of US$2.3 billion decreased by 33% compared to 2Q13, as rising interest rates and market uncertainty since the second half of 2013 continued to impact some of MFC’s key markets.