Appraising and Rewarding Performance of Manulife China Bank Life Essay Example for Free

appraise and Rewarding Performance of Manulife China Bank spirit EssayAssurance Corporation Manulife Philippines marks its hundredth year of existence in our country. It is one of the oldest damages firms in the country. The firm received its license to see to it in Manila in 1907, twenty historic period after the company was first established in Toronto, Canada in 1887 by Sir John A. Macdonald, who at the very(prenominal) time was Prime Minister of Canada. Manulife Philippines was the first outside company to list in the Philippine Stock Exchange, and is among the top five life insurance companies in our country today. The firms dedication to client service enabled it to grow and increase financial strength. In 2007, the Philippine indemnity Commission (IC) and the Bangko Sentral ng Pilipinas (Central Bank) approved the operation of a desire assurance reefer venture company, Manulife China Bank Life Assurance Corporation (MCB Life). MCB Life is a strategic bank assuranc e alliance of China Banking Corporation (China Bank), the Philippines first privately owned commercial bank, and The Manufacturers Life Insurance family (Manulife), a wholly owned subsidiary of Canadian-based Manulife financial Corporation.In Asia, Manulifes goal for each foodstuff is to condition 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 wealthiness creation, wealth resistance, and an amend quality of life for local customers.Manulifes corporate mess is to be the most professional life insurance company in the world providing the very best financial protection and wealth management work tailored to customers in every market where the company does business. MCB Lifes mission is committed to develop long term relationships with families and businesses which make us the company of choice in providing economic security by mea ns of a broad range of financial services, customized and delivered by competent and ethical professionals. C. Company Profile and priming of Sun Life FinancialSun 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 carriage and principal distributer of the biggest family of mutual funds in the Philippines, the Sun Life Prosperity Funds. It also boasts of cosmos the first in its field to put in place the accounting system needed to adequat ely comply with the standards set by the InternationalAccounting Standards (IAS). Serving as the companys wealth management arm, SLAMCI benefits from the expertise of its mother companys close association with MFS Investment Management (the artificer 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 Financials 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 set out the methods of re warding and appraising performance of our twain 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 come out 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 digest a study on the rewarding and appraising of performance of insurance companies, and what the companies want to achieve. The researchers would like to gravel out how the companies reward their employers in this industry, and the process of performance appraisal and the effects of t hese human resource activities in the daily operation of the companies.