Life insurers Aviva and Manulife today announce a new strategic partnership, in which Manulife will market to its customers a selection of Aviva's group and medical insurance plans.
Life insurers Aviva and Manulife today announce a new strategic partnership, in which Manulife will market to its customers a selection of Aviva's group and medical insurance plans.
Manulife will co-market through its Financial Planners Aviva's recently enhanced MyShield plan, as well as three of Aviva's group insurance plans. These include: ManuActiv 8, ManuGlobal Health and ManuGlobal 8. Aviva will also continue to market these plans as Activ8, Global Health and Global8 as well as MyShield through their own channels.
Mr Darren Thomson, President and CEO of Manulife (Singapore) Pte Ltd, said, "Aviva's group insurance products are well-developed and will be a welcome complement to our existing portfolio of life insurance plans. This partnership will enable us to provide our customers with even greater choice and one-stop financial solutions to meet all their financial needs. In addition, we foresee that the products which are targeted at SMEs and expatriates specifically will also attract a new customer base for us."
This latest partnership will expand Aviva's current multi-channel distribution network, which includes banks, insurers as well as independent financial advisors, and is expected to grow the company's customer base significantly.
Keith Perkins, CEO, Aviva Ltd, said, " Our manufacturing scale enables us to offer attractive and innovative products supported by excellent services to third party distributors such as Manulife. We are delighted that Manulife, which has a strong and established agency force, has chosen to distribute our products "
The partnership took effect on 30 August, 2007, for a minimum of three-year period.
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About the products
MyShield
A market leading medisave approved medical plan that maximises medical coverage, especially for families by providing free cover for children up to 20 years old.
ManuGlobal Health
A medical insurance plan that provides comprehensive pre- to post- hospital care for expatriates and their families, and allows them to choose where, when and by whom they are treated, depending on the plan they select.
ManuActiv 8
An employee benefits insurance solution specially designed for SMEs. Companies with minimum 2 employees can mix and match the coverages offered under the product to suit their unique needs and budget. It is a flexible and cost-effective protection plan that protects employees 24 hours worldwide.
ManuGlobal 8
An employee benefits insurance solution designed for both MNCs and SMEs for employees who may travel or be posted overseas. This exclusive plan may be customized for companies with 30 employees or more. It is a flexible and cost-effective protection plan that protects employees at work or leisure, whether in Singapore or overseas.
About Aviva
Aviva is the world's fifth-largest insurance group, and the biggest in the United Kingdom. The company provides long-term savings, fund management and general insurance. Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of S$121.6 billion and assets under management of S$1,092 billion at 31 December 2006.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$410 billion (US$386 billion) as at June 30, 2007.
The financial strength of Manulife Financial's insurance subsidiaries, including Manulife (International) Limited, is rated "AAA" by Standard & Poor's Rating Services, the highest level available.
Manulife Financial Corporation trades as ‘MFC' on the TSX, NYSE and PSE, and under ‘0945' on the SEHK. Manulife Financial can be found on the Internet at http://www.manulife.com/.