Insurance sales for the Asia division were 46% higher, at $352m, than the same quarter in 2013, and 32% up in the year-on-year to date.
Japan achieved $165m sales growth, leaping 83% on the previous year’s three quarters, which was driven by “the continued momentum of corporate product sales and the launch of new retail products”, Manulife said in its Q3 statement today.
Hong Kong grew sales by 37%, to $81m, which were buoyed by “several product launches in the latter part of the second quarter and a series of sales campaigns”.
Manulife’s bancassurance channel in Indonesia helped to increase sales there by 14%, to $28m, while in other Asian countries there was double digit growth of 16%, to $78m.
Asia third quarter wealth sales of $2.2bn were 74% higher than Q3 2013 and year-to-date sales of $5.6bn were 14% lower than the same period of 2013.
Robert Cook, senior executive vice president and general manager, Asia division, said: “These results reflect the ongoing success of product enhancement initiatives, marketing campaigns and our multi-channel distribution strategy. Our third quarter wealth sales increased 74% compared to 3Q13, reflecting our success in launching new products, marketing campaigns and improved market sentiment.”
Elsewhere, Manulife said that its agreement to purchase the Canadian-based operations of Standard Life for approximately $4bn, remains subject to the approval of Canadian Minister of Finance and certain securities regulators.
“Subject to the receipt of all necessary approvals, the transaction is anticipated to close in the first quarter of 2015”, Manulife said.