TORONTO (Yosefardi) – Manulife Financial Corporation (MFC) posted insurance sales of US$24 million in Indonesia during the second quarter (2Q) of 2015 period. The strong growth in bancassurance sales being was largely offset by a decline in agency sales.
For wealth and Asset Management, Indonesia gross flows in 2Q15 dropped 35% to US$130 million due to the impact of unfavourable market conditions on mutual fund sales. Indonesia other wealth sales in 2Q15 of also fell 33% to US$35 million.
For Asia operation, Manulife booked insurance sales of US$374 million in 2Q15, 36% higher than 2Q14, with record sales reported in both Japan and Asia Other. Year-to-date sales of US$712 million were 39% higher than the same period of 2014.
Wealth and Asset Management’s gross flows of US$5.2 billion in 2Q15 were 176% higher than 2Q14, with record gross flows in Hong Kong and Asia Other. Year-to-date gross flows of US$7.9 billion were 131% higher than the same period of 2014.
Other Wealth sales of US$691 million in 2Q15 were 118% higher compared with 2Q14. Year-to-date sales of US$1.3 billion were 114% higher than the same period of 2014.