Assurance Corporation Manulife Philippines marks its 100th year of existence in our country. It is one of the oldest insurance firms in the country. The firm received its license to operate in Manila in 1907, twenty years after the company was first established in Toronto, Canada in 1887 by Sir John A. Macdonald, who at the same time was Prime Minister of Canada. Manulife Philippines was the first foreign company to list in the Philippine Stock Exchange, and is among the top five life insurance companies in our country today.
The firm’s dedication to client service enabled it to grow and increase financial strength. In 2007, the Philippine Insurance Commission (IC) and the Bangko Sentral ng Pilipinas (Central Bank) approved the operation of a bank assurance joint venture company, Manulife China Bank Life Assurance Corporation (MCB Life). MCB Life is a strategic bank assurance alliance of China Banking Corporation (China Bank), the Philippines’ first privately owned commercial bank, and The Manufacturers Life Insurance Company (Manulife), a wholly owned subsidiary of Canadian-based Manulife Financial Corporation.
In Asia, Manulife’s goal for each market is to develop a company that will best meet the needs of customers, achieve employee satisfaction, and provide leadership in the life insurance industry. Manulife works hard to build companies that cultivate wealth creation, wealth protection, and an improved quality of life for local customers.
Manulife’s corporate vision is to be the most professional life insurance company in the world: providing the very best financial protection and wealth management services tailored to customers in every market where the company does business. MCB Life’s mission is committed to develop long term relationships with families and businesses which make us the company of choice in providing economic security through a broad range of financial services, customized and delivered by competent and ethical professionals. C. Company Profile and Background of Sun Life Financial
Sun Life Financial is an international leader in protection and wealth management with key operations in Canada, US, UK, Hong Kong, Japan, Indonesia, India, China, Bermuda, and the Philippines. Sun Life of Canada (Philippines) pioneered life insurance in the Philippines in 1895. Today, Sun Life of Canada (Philippines), Inc. , is one of the largest and most trusted insurers in the country with almost a half a million policies in force and is boosted by the strength and stability of Sun Life Financial shares in the Philippine Stock Exchange. Sun Life Asset Management Company, Inc. SLAMCI) is the fund manager and principal distributor of the biggest family of mutual funds in the Philippines, the Sun Life Prosperity Funds. It also boasts of being the first in its field to put in place the accounting system needed to adequately comply with the standards set by the International
Accounting Standards (IAS). Serving as the company’s wealth management arm, SLAMCI benefits from the expertise of its mother company’s close association with MFS Investment Management (the inventor of mutual funds in the US). Sun Life Financial Plans, Inc. SLFPI) is the second wholly-owned subsidiary of SLOCPI and the sole distributor of its pension and education plans. SLFPI holds the distinction of being the fastest growing pre-need company in the country today. For 113 years now, SLF-Philippines continues to be a proud and trusted partner of the Filipino in his journey to financial freedom. D. Company Mission and Vision of Sun Life Financial Sun Life Financial’s vision is “To be the preeminent provider of financial security to individuals over their lifetime”. With regards to this mission of the company, Sun Life Financial aims to provide financial freedom for Filipinos.
The objective of this study is to present the methods of rewarding and appraising performance of our two chosen companies, particularly in the insurance industry. For this research, we chose to do a study on Manulife Philippines, more specifically Manulife China Bank Life Assurance Corporation (MCB Life); and also Sun Life Financial. This paper aims to present the different rewards given to employees and performance appraisals done to evaluate their employees’ performance, while comparing both companies.
In order to obtain a clearer picture on how employees are being appraised and rewarded in two companies in the same industry, a comparison between Manulife Philippines and Sun Life Financial should be done. F. Statement of Problem The researchers would conduct a study on the rewarding and appraising of performance of insurance companies, and what the companies want to achieve. The researchers would like to find out how the companies reward their employers in this industry, and the process of performance appraisal; and the effects of these human resource activities in the daily operation of the companies.