Manulife-China Bank bancassurance offers Asia dollar fund

Manulife China Bank Life Assurance Corp. (MCBL), the bancassurance venture of Manufacturers Life Insurance Co. (Phils) Inc. and China Banking Corp., has recently launched a new fund option which will give its policyholders the opportunity to invest in Asian equities.

The company introduced the USD Asia First Fund, a dollar denominated variable life insurance fund that aims to maximize returns by investing in a diversified portfolio of equities primarily in Asia and in other allowable investments.

“This fund is designed for clients who are looking for a dollar-denominated fund offering long-term outperformance potential. Customers will have access to offshore investments and take advantage of opportunities in Asia. At the same time, they are fully protected with life insurance coverage,” Jude Gomes, president and chief executive officer of MCBL.

“Long term performance is made possible by investing in companies with varying business models to better capture future opportunities,” he said.

According to Gomes, the fund invests in top companies from Australia, Hong Kong, Indonesia, Malaysia, New Zealand, China, Singapore, Taiwan, Thailand, Vietnam, and the Philippines.

“Each company in this focused portfolio has been carefully selected based on the growth, cash flow, management and valuation framework,” he said.

The fund is available through select dollar MCBL variable life products.

Sy-owned China Banking Corp. reported a P5.56 billion net income in the first nine months, 2.1 percent lower than the P5.68 billion recorded the same period in 2017.

The bank’s assets reached P816.2 billion, driven by a 20 percent increase in deposits.

Manulife, meanwhile, maintained its spot as the sixth largest life insurance company in the Philippines last year with a total premium income of P17.7 billion. This was 6.4 percent higher than the P16.63 billion recorded in 2016.

It also took the fourth spot in the life insurance sector in terms of net income, reporting P3.07 billion in 2017.

The company’s net worth reached P14.07 billion as of end-December last year, while paid-up capital settled at P930 million. Its assets also reached P98.3 billion.

Just recently, Manulife Asset Management and Trust Corp., the asset management arm of Manulife, has also launched its Asia Dynamic Bond Feeder Fund, which provides access to a diversified portfolio of fixed income securities governments, agencies, and corporate issuers located in Asia.