Eying aging population | Manulife signs 1st Macau bancassurance deal

Manulife (International) has entered into a distribution agreement with Industrial and Commercial Bank of China (Macau), which will see Manulife’s products sold to the banks’ customers, international-adviser.com reported.
Under the bancassurance deal, Manulife’s first in Macau, ICBC will sell the insurer’s life and medical insurance plans, as well as retirement solutions, to its clients through the bank’s 17 branches and four wealth management centers.
Michael Huddart, Manulife’s executive vice president and general manager for Greater China said: “As in other developed economies in the world, Macau is facing an aging-population problem. There will be an increasing need for retirement planning and we see a lot of potential for future growth.
“The strategic partnership demonstrates our commitment to meeting the emerging needs of Macau customers for life protection, wealth accumulation and retirement planning,” he added.
Manulife’s product range will become available to ICBC (Macau) customers starting from 10 September.
Manulife has been operating in Macau since 1996 and earlier this year, the company extended its pension service to Macau to complement its individual insurance business.
The pension product comprises of five open pension funds with different investment objectives and risk/return levels, catering for diverse investment appetites and retirement needs.
Manulife and its subsidiaries managed funds under management worth HKD4,626bn as of 30 June.