Makati City, Philippines - Manulife China Bank Life Assurance Corporation (MCBL), the bancassurance partnership of Manulife Philippines and China Banking Corporation (China Bank), recently launched the MCBL China Bank Dollar Fixed Income Variable Unit-linked (VUL) Fund – a financial product that combines insurance coverage and investment yields.
The VUL features earning potential that may not be offered in a traditional life insurance product as the policy value is linked to investment funds and reflects their performance. Like a mutual fund, the VUL provides full-time professional fund management combined with the benefits of diversification, allowing customers to invest in fixed income securities or bonds issued by the Philippine government.
The new fund is available as an option for any MCBL Single Premium VUL product.
“Insurance and wealth products go hand-in-hand to give customers the protection they need to grow their investments through professionally managed funds,” said Ryan Charland, President and CEO of Manulife Philippines. “The launch of this new fund further strengthens our partnership with China Bank as we work together to help more Filipinos make easier decisions and live better.”
This is the first in the fund suite of MCBL that is managed by the China Bank Trust and Asset Management Group. “Our group of seasoned fund managers will make sure to apply effective strategies to optimize the growth of our customers’ investments,” said William Whang, President and CEO of China Bank. “We are dedicated to working closely with MCBL to create more custom-fit financial solutions for Filipinos.” As of 2017, China Bank ranked 6th largest in the trust industry, managing nine Unit Investment Trust Funds (UITFs) and handling Php 132 billion in total assets under management. Three of China Bank’s UITFs ranked number one in their respective categories for year-on-year returns, while its dollar fund was named by the CFA Society Philippines as the Best Managed Fund of 2016 and 2017 in the dollar long-term bond category.
About Manulife China Bank Life Assurance Corporation
Manulife China Bank Life Assurance Corporation (MCBL) is a strategic alliance between Manulife Philippines and China Bank, providing a wide range of innovative insurance products and services to China Bank and China Bank Savings customers. The aim is to ensure that every client receives the best possible solution to meet his or her individual financial and insurance needs. In 2014, China Bank raised its equity stake to 40% in MCBL.
About Manulife Philippines
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation, among the world’s largest life insurance companies by market capitalization. Learn more about Manulife Philippines by visiting their website www.manulife.com.ph and following them on Facebook (www.facebook.com/ManulifePH), Twitter (@ManulifePH), and Instagram (@manulifeph).
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of March 31, 2018, we had over $1.1 trillion (US$850 billion) in assets under management and administration, and in the previous 12 months we made $26.9 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
About China Bank
China Bank (PSE stock symbol: CHIB) founded in 1920, is the country’s first privately owned local commercial bank. It is now one of the largest private universal banks in the Philippines providing a full range of banking products and services to corporate, commercial, and retail customers through 603 branches to date, including the 160 branches of its retail bank arm China Bank Savings (CBS). It also offers a wide range of allied financial services through its subsidiaries China Bank Capital, China Bank Securities, China Bank Insurance Brokers, and affiliate MCBL.
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