Compant Profile: Manulife Financial
The life insurance industry just ain’t what it used to be. And that’s a good thing. According to Gary Kimata, regional director for Manulife Financial, traditional whole life insurance policies, vanilla investments with their guarantees and conservative cash savings, have gone the way of the buffalo. Once they accounted for approximately 80 percent of sales at Manulife. Today, that number barely reaches 5 percent.
"In a nutshell the biggest reason for our volume increases has been in our investment divisions. The stock market has been remarkable," says Kimata.
Manulife’s more than 100 percent growth is due mainly to its individual annuities and group pension division and the work of their California-based managers.
Kimata expects continued growth for Manulife with revenues topping $80 million in 2000. If things fall into place and Wall Street continues its upward trend, the company may even crack the $100 million barrier. "All the lines are blurred now," says Kimata. You can go to Dean Witter and buy insurance or you can come here and purchase securities. It’s a good time to be in this business." — DKC.
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