At the heart of Manulife Philippines' business operations lie creative financial solutions through innovative products and services.
In recent years, Manulife launched an array of new products in response to changing market demands. Recently, Manulife launched Affluence Max, a single pay variable life product with several investment options to match the investment requirements of the policyholder. This product allows policy owners the flexibility to invest in any one or combination of separate investment funds through a single premium and later, opt to switch investments partially or entirely from one fund to another.
Manulife also launched regular pay variable life (Affluence Builder), as well as anticipated endowment (Freedom) and whole life (Seasons) products that give policyholders a variety of financial protection options to best fit their medium-to-long term financial needs and objectives - whether they be more of guaranteed protection coverage or investment earning potential instrument.
In recent years, Manulife implemented various initiatives designed to expand its presence in the Philippines and better position itself for the future.
- June 2002 - Manulife acquired the in-force business formerly belonging to MetLife by way of an Assumption Reinsurance Agreement.
- January 2003 - All regulatory requirements for acquiring CMG Philippines were completed; the acquisition represented the largest transaction of its kind ever in the country. Manulife Philippines successfully completed the integration of CMG business with Manulife Philippines in September 2003.
- February 2004 - Manulife Philippines completes the acquisition of the life insurance business of Zurich Life, by way of an Assumption Reinsurance Agreement.
- June 2004 - Manulife acquires the life insurance business of John Hancock Life Insurance Corporation Philippines (JHLIC) by way of an Assumption Reinsurance Agreement. This transaction is part of a global initiative by MFC, the ultimate parent of Manulife, to merge with U.S.-based John Hancock Financial Services, Inc.
- August 2006 - Manulife Financial received approval from local and foreign regulators for its purchase of The Pramerica Life Insurance Company, Inc. (“Pramerica Life”) from Prudential International Insurance Holdings Ltd. This transaction would be the fifth of its kind since 2002.
- September 2007 - Manulife announced a strategic bancassurance alliance with China Banking Corporation (China Bank) in January 2007; regulators subsequently approved the operation of a joint venture company, Manulife China Bank Life Assurance Corporation, effective October 1, 2007. This venture offers a wide range of Manulife’s insurance products tailored to the needs of China Bank’s depositors and clients.