MANUFACTURERS Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has put up new branches across the country, with most situated in Luzon, as the insurer works to increase its local presence.

In a statement e-mailed to reporters on Monday, the listed life insurance firm announced it had established five more branches in Imus, Cavite; Talisay, Cebu; Greenhills, San Juan; Lemery, Batangas; and Laoag, Ilocos Norte.

The new branches brought Manulife Philippines’ total network to 48 as of yesterday.

Its top executive said the increase in number of branches is part of the firm’s thrust to boost its insurance reach in the Philippines.

“This development is part of our efforts to increase insurance penetration rates in the country by making it even easier for people to access insurance products,” Ryan Charland, president and chief executive officer of Manulife Philippines, was quoted as saying in the statement.

The Insurance Commission (IC) had previously said insurance penetration in the country by end-2016 slumped to 1.60% from the 1.75% seen in 2015 on the back of the growth of the country’s economy, which was faster than the increase in total premium production.

Insurance penetration is the premium volume as a share of gross domestic product (GDP) or contribution of the insurance sector to the Philippine economy. It is also the ratio of premiums generated over a country’s GDP.

By end-2016, the insurance industry’s total premiums ended flat, posting an uptick of 0.29% to P231.883 billion versus the P231.203 billion gained in 2015, well below the IC’s P280 billion to P300 billion projected worth of premiums from the sector for 2016.

Meanwhile, the Philippine economy grew by 6.8% in 2016, the fastest rate in three years, on the back of a surge in investments and strong consumption.

“While we’ve opened many of our new branches in Visayas and Mindanao in 2016, strengthening our presence in Luzon is equally important to us,” Mr. Charland said.

Latest data from the IC showed Manulife Philippines’ net premium income last year reached P16.597 billion, bringing the firm to place sixth in premium terms in 2016, while it ranked seventh in asset terms with P84.453 billion. — Janine Marie D. Soliman

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