Canada-based life insurer Manulife Indonesia remains optimistic about its growth prospects, despite current moderation in Indonesia'€™s economy and the full implementation of the nation'€™s universal health-care program '€” the national health insurance (JKN) '€” according to executives.

Manulife president director and CEO Chris Bendl said on Tuesday the company believed it would be able to maintain its growth trajectory in 2015.

'€œFundamentally, we believe Indonesia is going through a moderation of growth. We definitely see the economy is slowing and that has an impact on the industry,'€ he said in a press conference.

Indonesia'€™s economy shrank for the second consecutive quarter in the January-March period of this year to 4.7 percent, a level unseen since six years ago. That compares with the government'€™s target to grow the economy by 5.7 percent this year.

Manulife itself reported 14 percent growth year-on-year to Rp 5.6 trillion (US$424,1 million) in its total premiums in 2014, slightly faster than the life insurance industry'€™s 12 percent growth to Rp 78.3 trillion.

It was also able to sign up Rp 1.3 trillion worth of new businesses, rising 8 percent from a year before. The industry, on the other hand, saw overall new businesses drop 4 percent to Rp 26.7 trillion.

Meanwhile, on the bottom line, Manulife bagged Rp 1.45 trillion in consolidated net profit, climbing 1.2 percent from the previous year.

Bendl said that the insurer had prepared several measures to boost business amid this year'€™s slowdown. Part of the measures included hiring more agents and partnering with other banks to market its products.

The company expects to employ more than 11,000 agents by year-end, an increase from 9,021 agents last year. According to its 2014 annual report, agency distribution channels made up for 18 percent of its new business premiums.

Manulife vice president director and chief agency officer Nelly Husnayati said the company was looking to partner with new banks as well to jack up bancassurance business.

At present, it partners with 12 banks for the bancassurance segment, and they contributed to 28 percent of Manulife'€™s new business premiums in 2014.

'€œHopefully we will be able to widen our network,'€ she said, adding that Manulife hoped its partnership with sharia lender Bank Muamalat Indonesia would be a significant driver for its business this year.

The two signed a partnership agreement late last year and are looking to launch a product next month.

Meanwhile, Bendl claimed that the implementation of the JKN had actually been positive for its corporate or group business as it created higher awareness about life insurance among its clients.

'€œIt'€™s actually helping us because the awareness that has come with the BPJS [JKN] has made people ask better questions and want to buy Manulife'€™s products,'€ he said.

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