MANULIFE China Bank Life Assurance Corp. (MCBL) has launched a financial product combining insurance coverage and investment yields.
In a statement Thursday, the bancassurance partnership of Manulife Philippines and China Banking Corp. (China Bank) said it recently launched the MCBL China Bank Dollar Fixed Income Variable Unit-linked (VUL) Fund.
Unlike traditional life insurance products, a VUL fund features earning potential as the policy value is linked to investment funds and reflects their performance. Like a mutual fund, VUL products provide full-time professional fund management with the benefit of diversification, allowing customers to invest in fixed income securities and government bonds.
China Bank President and Chief Executive Officer William C. Whang said the bancassurance firm’s group of seasoned fund managers “will make sure to apply effective strategies to optimize the growth of our customers’ investments.”
The new fund is available as an option for any MCBL Single Premium VUL product. It is the first in MCBL’s fund suite that is managed by China Bank Trust and Asset Management Group.
“Insurance and wealth products go hand-in-hand to give customers the protection they need to grow their investments through professionally managed funds,” Manulife President and Chief Executive Officer Ryan Charland was quoted as saying in the statement.
Latest data from the Insurance Commission showed MCBL was the ninth-biggest life insurer in terms of premium income as of end-2017 with P8.21 billion. — KANV