INSURANCE

Manulife plans major expansion

CHAROEN KITTIKANYA

After three years of rebuilding its infrastructure and integrating its information-technology system, Manulife Insurance (Thailand) vows to expand more aggressively this year through agency forces, bancassurance, and innovative products.

''Manulife Thailand has captured a relatively small market share to date, but it is on this strong foundation that we intend to build a large and profitable business here,'' said Bruce Hodges, the newly appointed president and CEO of Manulife Insurance (Thailand), a part of Manulife Financial, a Canadian financial services group.

''Recent major investments we have made in our business should provide a clear indication of our dedication to the Thai market. Our headquarters on Si Ayutthaya Road is currently under a complete renovation. We are aggressively expanding our distribution force, distribution channels, and our product offerings; as well as significantly enhancing our IT infrastructure.''

Having joined Manulife six years ago, Mr Hodges left Japan for Thailand three years ago, when he was vice-president and managing corporate officer for the insurance business of Manulife Life Insurance (Japan).

Manulife entered the local market in April 2004, following a global merger between Manulife Financial Corp and US-based John Hancock Financial Services.

The company and its local holding firm, OQC (Thailand), now have full control of Manulife Insurance (Thailand). Interlife John Hancock was delisted from the Stock Exchange of Thailand two years ago.

Manulife has spent US$3 million on renovating its headquarters and certain branches in the provinces, and another $1 million on computer system integration.

Manulife last year recorded first-year premiums of 90 million baht, double the previous year's rate, with total premiums of 550 million baht, up about 4%.

The agency channel contributed about 50% of written premiums, with the other half generated by group business.

The company has not set a growth target this year, but Mr Hodges said the growth should be ''aggressive''.

To raise its brand profile in the Thai market, Manulife yesterday introduced Olympic weightlifting gold medalist Pawina Thongsuk as the newest member of Team Manulife, a group of talented Olympic athletes who represent the company, and signed a long-term contract with the Thai Amateur Weightlifting Association (TAWA) to develop the careers of Thailand's most promising lifters.

Bangkok Post
Friday February 02, 2007