Strong Growth for ManuLife and BUPA

Posted on Aug 31, 2011 by Sergio Ulloa (G+)

While yesterday's news of a potential insurance slowdown in the Middle East may have concerned some of our readers, news of a different sort has come about today with both Manulife Vietnam and BUPA showing strong profits in the second quarter and first half of the year, respectively. Manulife Vietnam's life insurance division saw 32 percent growth during Q2 2011, compared to the same quarter in 2010. Company officials attributed the strong showing to the expansion of the local Vietnamese sales force, and the development of a new Hospitalization and Critical Illness policy named My Family. Senior Vice President for Manulife ASEAN operations, David Wong, is extremely positive about the My Family product, stating "Shortly after the launch, the My Family product generated record sales, making June 2011 the strongest sales month in the company's 12-year history. The My Family product has been well received by our customers and our agency force." Manulife has been highly successful with their Vietnamese growth strategies; the company has focused on expanding sales channels, in addition to innovating the range of their core offerings in tandem with a maturing market. If the Q2 results are able to continue moving forward, the emerging demand for more comprehensive insurance products in Vietnam should see the company do well for the rest of the year. Vietnam's Insurance Market has shown strong growth potential over the course of the last year, with a number of major international insurers indicating interest in tapping into the sector. On the other side of the world, BUPA has announced that its profits for the first half of the year are up by 6 percent over the same period in 2010, leaving the company with increased revenue of GBP 3.9 billion (US$ 6.36 billion). BUPA's international division, which includes BUPA Hong Kong, BUPA Thailand, BUPA International as well as the company's divisions in Australia, New Zealand, India, and Latin America, saw revenues increase by 14 percent for the first half of the year to GBP 1.872 Billion (US$ 3.053 Billion). While BUPA has faced some challenges within Europe due to uncertain, and unstable economic conditions in a number of EU countries, the Company has indicated that its businesses in Oceania and Asia are poised to see further growth due to the relatively stable economic conditions in these locations. With BUPA actively looking to enter underserved markets,  by continuing to innovate the products it offers, and by including a number of value-added services on its international health insurance offerings, the company expects to improve performance over the long term. Insurance Companies Mentioned BUPA Bupa was established more than 60 years ago in the UK and now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America. Manulife Vietnam Manulife Vietnam was the first 100 per cent foreign-owned life insurance company in Vietnam, beginning its operation in September 1999 as a joint-venture called Chinfon-Manulife Insurance Company (CMIC). Manulife in Vietnam has grown rapidly to become a world class company providing a competitive array of financial protection products and services to Vietnamese customers. Since commencing operations, Manulife has helped more than 300,000 middle to upper-income Vietnamese plan right for their life.